PHOENIX, ARIZONA - The NAI Horizon investment sales team of Senior Vice Presidents Lane Neville and Barbara Lloyd represented the buyer in the $4.825 million ($233 PSF) acquisition of the Shops at Fry’s Marketplace, 1229 E. McKellips Rd. and 1863 N. Stapley Dr., in Mesa, Arizona.
Stapley & McKellips Investors, LCC of Phoenix was the buyer. The seller was KEB Investments, LLC.
“The acquisition of this retail shop space represents a solid investment opportunity for our buyer in a strong market with a great grocery anchor,” Neville said. “It is hard to find an off-market opportunity like this asset with quality upside.”
The retail shops are located in two separate buildings totalling 20,669-square-feet. The retail center was built in 1996 and is zoned C-2 City of Mesa. The infill retail location is anchored by Fry’s Marketplace.
The property is two miles from the Loop 202 freeway, at the SEC of Stapley and McKellips. Tenants include Starbucks, Subway, H&R Block, Cricket Wireless, and Supercuts.