The Shops at Fry's Marketplace, a 23,790-square-foot shopping center, sold for $2,045,000 ($85.96 PSF). Built in 1996, the infill center is located at Stapley Drive and McKellips Road in Mesa and is shadow-anchored by a recently renovated Fry's Marketplace.
This investment provides the buyer with some stable, existing tenants and a great deal of upside through the lease-up of the vacant space. Currently, the property is 35% leased to Hi-Health, Daisy Nails, Ridgeview Cleaners and Botello Gym.
Derek Buescher and Andrew Harrison of ORION Investment Real Estate negotiated the transaction. “This property is located in North Mesa next to a highly trafficked Fry’s Marketplace. The property was 35% occupied at close of escrow, leaving tremendous upside for the new buyer," noted Derek Buescher, who represented the Seller.
The property was sold by McKellips-Stapley Center, Inc. and purchased by Principals Jeff Geyser and Joshua Ungerecht from Geyser Management, LLC.
To learn more Buescher and Harrison should be reached at 480.634.6934.