PHOENIX, ARIZONA The NAI Horizon team of Senior Vice Presidents Barbara Lloyd and Lane Neville represented the seller in the $3.35 million ($150.74 PSF) sale of Grove Towne Center, 1130 W. Grove Ave., in Mesa.
Lloyd and Neville represented Grove Towne Center LLLP of Lone Tree, Colo.
“Our seller bought this property out of a distress situation and was able to add value through increased occupancy,” said Lloyd, CCIM. “The new owner will have the continued benefit of additional lease-up opportunity in a dynamic redevelopment corridor.”
The retail center, totalling 22,224 square feet, was 74 percent occupied at the time of the sale. Tenants include Barro's Pizza, Ike's Love and Sandwiches, and the Draft Sports Grill.
The buyers, Grove Arizona LLC and Nevada Ventures LLC of Calabasas, Calif., were represented by Sean Bishop of Lee & Associates.