PHOENIX, Arizona – CBRE negotiated the sale of a Mesa shopping center located near the intersection of Southern Avenue and Dobson Road. Wong 168, LLC, based in Novi, Michigan, purchased the property from 2120 Southern Avenue, LLC, a group formed by local developer Jeff Geyser, for $2.8 million ($262 PSF). Geyser has owned, developed and redeveloped over 70 properties throughout the Western U.S., primarily in Arizona.
Jesse Goldsmith and Steve Julius with CBRE Phoenix represented both the buyer and seller in the transaction.
Shops at Banner is a 10,675-square-foot multi-tenant infill retail center situated in Mesa’s Fiesta District at 2110 W. Southern Ave. The center features a mix of local and national tenants including Little Caesar’s, Studio 21, Firehouse Subs and ABC Eye Specialists. The property is located across the street from Mesa Community College and Banner Desert Medical Center and is in close proximity to the U.S. 60 freeway.
“The Shops at Banner is well located within Mesa’s iconic Fiesta District and features a strong mix of tenants that will ensure a long term stable investment for the buyer,” said CBRE’s Goldsmith. “With the seller’s revitalization investment, the center will continue to perform well and attract similar tenants to this dyanmic area of Mesa.”