Phoenix, AZ – Village Grove Plaza is just another shopping center that Beau Flahart has added to his portfolio of closed deals this year. The 82,373 square-foot property sold for a flat $7 million ($85 PSF) this week. It was a sweet deal for all the brokers involved, including Rommie Mojahed and Mary Nollenberger, who are also brokers at SVN, Desert Commercial Advisors.
The property is located at 2029 E. McKellips Rd in Mesa and sits on the southeast corner of Gilbert Rd. & McKellips Rd. Flahart stated, “Mesa is a market that is often overlooked but with strong demographics and cap rates, many investors have found secondary markets to be very lucrative.” History repeats itself after closing a $5.2M deal last year with the 8th Ave Shops in Mesa. Earlier this week, the SVN advisors finally closed on the $7M with the same buyer. Flahart added, “The buyer has been actively looking for value-add shopping centers and we knew that Village Grove had a lot of upside potential.”
With ample multi-million dollar deals closed already this year, the retail market has continued showed significant opportunities for investors all over the valley. The buyer, Zach Bonsall with Cole Valley Partners, LLC in Portland, Oregon has a strong background in development, which has helped the SVN brokers and himself target specific projects that have opportunities for new users for PAD space. “SVN has been able to identify projects and opportunities that not many people would know about,” Bonsall said. “Their market knowledge and expertise are what made this deal possible.” Since the advisors have represented both parties in the past in another sale transaction, it was easy to put another deal together.
Village Grove is a great neighborhood center and Mesa residents will be happy to have more choice to choose from in the plaza.