MESA, AZ – Continental Plaza, a 37,400-square-foot retail shopping center at 855 W. University Dr. in Mesa sold for $1,612,500 ($43.11 PSF). The transaction closed on November 14. The neighborhood center was over 70 percent leased at time of sale.
The seller was Kodash, Inc. of Costa Mesa, CA and the buyer was Geyser Development of Tempe. Geyser is also currently under contract to purchase the adjacent empty Fry’s Food Stores building and has secured a tenant to occupy half of the 50,000-square-foot space.
The multi-tenant center sits on 3.58 acres at the intersection of University Dr. and Extension Rd. and features a varied tenant mix such as O’Reilly Auto Parts, Farmers Insurance and H & R Block.
Lee & Associates principals, Jan Fincham and Pat Dempsey completed the deal on behalf of both seller and buyer.
To learn more Fincham should be reached at 602.954.3754 and Dempsey can be contacted at 602.954.3772.