On Monday, we published the sale of Continental Plaza, a 37,400-square-foot retail shopping center at 855 W. University Dr. in Mesa that sold for $1,612,500. This transaction closed on November 14. The buyer has since turned the busy retail center for $2.1 million.
Rommie Mojahed, Mary Ridberg and Beau Flahart of Sperry Van Ness represented the 1031 buyer, California Asset Portfolio, Inc. The seller, Geyser Management, LLC, was represented by Jan Fincham of Lee & Associates. The 1031 Exchange was negotiated and closed in seven days.
“We are happy we successfully assisted our client with his 1031 requirements,” said Rommie Mojahed. “Instead of paying taxes, our client has reinvested in a great property with tremendous upside.”
Geyser is 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. The center was 70% occupied at time of sale.
To learn more Fincham should be reached at 602.954.3754. Mojahed, Ridberg and Flahart can be reached at 480.425.5500.