Phoenix, AZ -- John Filli of NAI Horizon represented Kadkhodaian, LLC in the negotiated sale of a 21,884-square-feet retail property, for $1.575 million ($72 PSF). The property is located at 1316 S. Longmore Rd., Mesa, AZ.
This was a sale of an Adaptive Reuse Building consisting of a former AMC Theater with 4 Auditoriums, a 1,402-square-foot Retail Suite, and a 1,402-square-foot Restaurant that was converted into a Banqueting, Conferencing, and Reception Center by filling in 3 of the 4 auditoriums with 2,729 cubic yards of concrete, finishing out each of the filled auditoriums into luxurious ballrooms, installing a waterfall/fountain feature in the lobby area, providing new tile and carpeting where needed, refurbishing the men’s and women’s restrooms, and transforming the existing restaurant into a catering Kitchen.
The buyer, Seong Ho Lee, plans to convert 51% of the property to a Korean Marketplace, while retaining 49% for the current BCRC operation.