Phoenix, AZ (February 7, 2024) — Newmark announces it has arranged the sale of The Marketplace at Signal Butte, a 116,350-square-foot retail center in Mesa, Arizona. The asset sold for $8 million.
Newmark Director Chase Dorsett and Senior Managing Directors Steve Julius and Jesse Goldsmith represented the private seller, Marketplace at Signal Butte SPE, LLC, in the transaction.
Located at 10623 East Main Street, Marketplace at Signal Butte is positioned in proximity to the Loop 202 Freeway and the 60 Freeway. The property, built in 1997, currently houses seven tenants on triple net leases.
"The sale of Marketplace at Signal Butte highlights the resilience and attractiveness of the retail sector in Mesa and the broader Phoenix market,” said Dorsett. “This property presents a unique opportunity for investors to lease up vacancies at the property in a growing submarket."
Strategically situated on the southwest corner of the lighted intersection of Apache Trail and Signal Butte Road, on the border of Mesa and Apache Junction, the center benefits from high visibility and accessibility, with over 37,000 cars per day at the intersection.
Retail vacancy continues to trend toward record lows as Maricopa County remained the fastest-growing county for the third year in a row, according to Newmark Research. Amidst rising interest rates and an average cap rate of 7%, Phoenix’s retail market is projected to remain steady in the first half of 2024.