MESA ARIZONA – DSW Mesa Grand/Spectrum acquired Mesa Grand and Mesa Spectrum shopping centers located on Stapley and Baseline Roads at US Highway 60 in Mesa, Arizona for $42.9 Million from Vestar Arizona LLC.

Tucson based DSW Commercial Real Estate with investment partner Iridius Capital, purchased the well-positioned “Daily Use and Entertainment” center, which encompasses approximately 233,130 square feet junior anchor, retail strip, and single tenant net lease in a multi-building configuration.

The seller, Vestar, developed the approximately 52 acre site in phases with an outstanding tenant line up including:  Petco, Michael’s, Office Max, Party City, Conn’s, Sprint, Chili’s, Starbucks and Texas Roadhouse. The freeway prominence from US Highway 60 coupled with the visibility from Stapley and Baseline Roads benefit this center significantly.  Additionally, eight ingress/egress points along with the two signalized intersections allow for generous traffic flow. Mesa Grand/Spectrum offers a diverse shopping and entertainment experience for the over 400,000 people living within 5 miles.

Ryan Schubert and Michael Hackett of Cushman and Wakefield handled the disposition for the sellers, and Michael Sarabia and James Hardman of DSW Commercial Real Estate represented DSW Mesa Grand/Spectrum. Tim Storey with Newmark Realty Capital arranged financing. Sukrit Seghal, Iridius Capital, raised equity for the acquisition.

Michael Sarabia, manager of DSW Mesa Grand/Spectrum, states “when looking at submarkets we take into consideration several mitigating factors such as household income, growing population, quality of building, tenant mix, term of leases and strategic location of asset.  Vestar has been able to develop on high profile sites with signature projects securing best in class locations, we were pleased to be able to work with them on this acquisition.”

The acquisition is part of DSW Commercial Real Estate’s strategic platform since localizing the operations to Arizona, putting acquisition volume at $90 Million in the last 10 months. DSW Commercial Real Estate has over 1 Million sf commercial real estate under management.

Three Land Sales in Northwest and Broadway total over $3.7 Million for the Week

TUCSON, Arizona — Circle K Stores, Inc. has purchased 2.36-acres of raw land at the southeast corner of Ina Road & Silverbell Road in Marana, from Ina & Silverbell 1, LP and Denton Investments (Don Denton, manager) for$1.25 million ($12.16 PSF).

The site will be used for construction of a new 4,500-square-foot Circle K store and fueling station.

Circle K has been a successful convenience store operator for over 50 years. There are more than 3,300 Circle K stores across the USA and over 4,000 international locations. Circle K is mainly located in the Southern, Western, Southwestern, and Midwestern United States. Internationally, Circle K has stores in Mexico, China, Japan, Guam, Vietnam and the United Arab Emirates.

Brian Gast of Velocity Retail Group in Phoenix represented the Buyer and Andrew D. Sternberg was with Oxford Realty Advisors representing the Seller in the transaction and is now with NAI Horizon in Tucson.

For more information, contact Gast at 602.682.8155 and Sternberg at 520.729.1694.

To learn more, see RED Comp #4790.

DAZ9-Ina Overlook, LLC (Michael Sarabia, member) sold 5.95-acres at 7417 N Thornydale Road in Marana to Ocean WH Medical Solutions of Corpus Christi, TX (Willard Hammonds II). The buyer is a developer and plans to construct a 100+ Assisted Living and Memory Care facility. The new building to be built will be approximately 50,000-square-feet with 105-120 beds. Development plans have been submitted with amendments from neighborhood meetings.

The raw land parcel commanded a sale price of $1.25 million ($4.82 PSF).

Michael Sarabia with DSW Commercial Real Estate, formerly the DESCO Group, was self- represented in the transaction. Pat Welchert was with Cushman and Wakefield | Picor at time of sale and is now with Alpha Commercial Real Estate Service

For additional information, Sarabia should be reached at 520.297.8329 and Welchert is at 520.360.9394.

To learn more, see RED Comp #4762.

Shenitzer Properties, LLC (Steve Shenitzer) and BBV Investment LP, LLP (Bill Viner) bought the Tucson Full Gospel Church property at 4741 E Broadway Blvd in Tucson for $1.2 million ($14 PSF) for land value. There were 16,410-square-feet of church buildings on the property that buyer will raze for retail redevelopment.

The 1.97-acre lot is at the northwest corner of Mountain View Avenue and Broadway Blvd, just east of Swan Road. The redevelop project is to include one or possibly two retail users. There has already been an unidentified single user who is considering the full parcel.

James Marian with Chapman Lindsey Commercial Real Estate Services represented the buyer, and Chris Tsighis and Patricia Ho with Coldwell Banker of Tucson represented the seller in the transaction.

For additional information, Marian should be reached at 520.747.4000 ext. #106, Tsighis is at 520.745.4545 and Ho can be contacted at 520.577.7433.

To learn more, see RED Comp #4768.

TUCSON, Arizona — As we look back over the 782 commercial transactions to-date for Tucson in 2016, with the help of our RED Comps database, the ‘Deal of the Year’ stands out as being the highest retail sale of the “trophy asset” Wilmot Plaza. Purchased in September 2016, by DSW Wilmot Plaza LP, an Arizona-based investment group DESCO Southwest, managing director Michael Sarabia along with partner James Hardman believe strongly in the fundamentals of this recently redeveloped 139,000-square-foot multi-building neighborhood center.

The center has a long history of being a landmark retail center in the central-east corridor of Tucson. The substantial visibility from both Broadway and Wilmot roads, access to this major arterial intersection, and close proximity to Park Mall (General Growth Properties) and the St. Joseph’s Hospital and medical office complex all benefit the center.

Wilmot Plaza sold for $47.3 Million ($340 PSF) from BP Wilmot Plaza (Don Bourn, manager) a Bourn Companies’ destination retail re-development. Bourn had fully redeveloped the center with an all-star tenant line up including:  TJ Maxx, Dicks Sporting Goods, Nordstrom Rack, Payless Shoes and AT&T and sold fully leased.

Bourn had acquired the property in July 2013 for $6.2 million, seeing the potential when it was still 60-70% vacant. Renovations began in 2014, razing the north half of Wilmot Plaza, at the northeast corner, and completely remodeling the buildings that weren’t razed while tenants remained open. Through redevelopment efforts Bourn transformed the 10-acre property into a first-class shopping center.

Built in 1956, the property consists of relatively large buildings grouped along the northern and eastern edges of the site. The Tucson General Plan defines the area as a regional commercial activity center that includes Park Place Mall and several shopping centers along Broadway Blvd, a high-density office and residential node northwest of the intersection and the St. Joseph’s Hospital and medical office complex. The General Plan also encourages redevelopment and expansion of strip commercial development to improve traffic flow, pedestrian circulation and safety, and streetscape quality, providing primary access from arterial streets away from residential uses.

Toufic Abi-Aad (CFO Bourn Companies) handled the disposition for the seller, and Michael Sarabia and James Hardman (DESCO Southwest) represented DSW Wilmot Plaza LP. Tim Storey with Newmark Capital in Phoenix assisted with financing for the acquisition.

The acquisition reflects DESCO’s continued investment strategy in the Arizona marketplace where Michael Sarabia, managing member of DSW Wilmot Plaza LP and DESCO Southwest, has been an active participant for the past 16 years. Sarabia stated at time of sale, “When looking at submarkets we take into consideration several mitigating factors such as household income, growing population, quality of building, tenant mix, term of leases and strategic location of asset.  Don Bourn and his team have been able to source high profile sites and develop signature projects in irreplaceable locations, we are pleased to be able to work with them on this acquisition.”

The acquisition is part of DESCO’s continued investment strategy in the Arizona region, a market where they own/manage over 500,000-square-feet of retail and office.

Congratulations to DESCO Southwest and Bourn Companies!

For more information, Sarabia and Hardman should be reached at 520.297.8929 and Abi-Aad can be contacted at 520.323.1005. Storey can be called at 602.374.7854.

To learn more, see RED Comp #4163.