MESA, ARIZONA — The Shoppes at Higley Village is a Walmart Neighborhood Market (with Pharmacy and Drive-thru) anchored neighborhood center located in Mesa, Arizona. The three shop buildings totaling 24,580-square-feet, were sold this past week for $5,500,000 or $224 per square foot. The property is a stabilized multi-tenant center producing a steady income from 14 tenants including Bahama Buck’s, Great Clips, and Marco’s Pizza, at the time of the sale. The tenants in place at the close of escrow made up 85% of the center, and are a strong mix of uses, specifically picked for this trade area. A majority of the tenants are E-Commerce resistant, providing stability and strong income growth through scheduled rental increases.
The Shoppes at Higley Village is located at the signalized intersection of Higley & University in the heart of Mesa, Arizona. The center benefits from an average of over 40,000 passing vehicles each day, as well as traffic from the Circle K on the hard corner and the Walmart Neighborhood Market, anchoring the center. The property is just a few blocks south of Mesa Falcon Field Airport, and is centrally located to major freeways like the Loop-202 and US-60.
Derek Buescher of ORION Investment Real Estate represented the seller, Stratis-Mesa Properties, who maintained the center beautifully and was well positioned to sell. Derek commented, “This property is a grocery anchored shopping center located in Mesa. The center was meticulously well maintained and that made the transaction smooth. The buyer was in a 1031 exchange.”
The buyer was Myslony Development, LLC.