Investors Buy 21,270-SF Retail Center, Developable Acreage

MESA, AZ-A 21,270 sf shopping plaza with three acres of developable land went for top dollar when it sold for $1.8 million to a group of Tucson investors who had divested of their California apartment holdings.

Mike Day of Sperry Van Ness Mullin tells GlobeSt.com the buyers, operating through Weather Vane Plaza LLC, bought the property in a 1031 exchange. “The land was one of the components that attracted them to the property,” says Day, who represented both sides of the deal with fellow Sperry Van Ness broker Ari Spiro.

Located at 7221 and 7303 East Main Street between Power and Sossaman roads, the Weather Vane Plaza is situated within a few miles of the planned Loop 202, making it an ideal spot for future growth, he noted. It is currently 83% leased to Century 21, Capital Title, Superstition Mental Health, Weather Vane Restaurant and Mobil Express Lube.

Several bidders expressed interest in the property, says Day, but Weather Vane Plaza LLC won out when it offered sellers Holt Park Villa, LLC their $1.8-million asking price.

“The buyers were able to step up because they saw the upside to the property and it made sense for them,” says Day.