PHOENIX, Arizona – CBRE negotiated the sale of a Mesa shopping center located near the intersection of Southern Avenue and Dobson Road. Wong 168, LLC, based in Novi, Michigan, purchased the property from 2120 Southern Avenue, LLC, a group formed by local developer Jeff Geyser, for $2.8 million ($262 PSF).   Geyser has owned, developed and redeveloped over 70 properties throughout the Western U.S., primarily in Arizona.

Jesse Goldsmith and Steve Julius with CBRE Phoenix represented both the buyer and seller in the transaction.

Shops at Banner is a 10,675-square-foot multi-tenant infill retail center situated in Mesa’s Fiesta District at 2110 W. Southern Ave. The center features a mix of local and national tenants including Little Caesar’s, Studio 21, Firehouse Subs and ABC Eye Specialists. The property is located across the street from Mesa Community College and Banner Desert Medical Center and is in close proximity to the U.S. 60 freeway.

“The Shops at Banner is well located within Mesa’s iconic Fiesta District and features a strong mix of tenants that will ensure a long term stable investment for the buyer,” said CBRE’s Goldsmith. “With the seller’s revitalization investment, the center will continue to perform well and attract similar tenants to this dyanmic area of Mesa.”

MESA, AZ – ORION Investment Real Estate is proud to announce the sale of Neighborhood Center, Power Road Plaza for $3,895,000 ($97 PSF). This ±40,240-square-foot retail/office plaza was constructed in 1974 and has undergone extensive renovations over the years, with the most recent one completed in 2014. The property has great frontage along Power Road and is located across the street to the main entrance of Leisure World. Power Road Plaza is anchored by Van’s Golf Shop, Arizona’s premier golf retailer, along with 15 other local and regional tenants.

Nick Miner, CCIM, Vice President at ORION Investment Real Estate, noted, “This was a tough assignment because the CMBS loan had to be assumed given the high prepayment penalty that would have been incurred. The assumption process took several months to complete. The Buyer and Seller are both satisfied that the transaction was completed given all of the requirements of the assumption process.”

The property was sold by Cowan Oliver Investments, LLC, a former client of Miner’s, and purchased by Power Road, LLC. The property was 85% occupied at close of escrow.

For more information Miner should be reached at 480.634.6934.