Valley real estate investor Michael Pollack purchased a Phoenix commercial center with plans of re-investing in the neighborhood and renovating the neglected center.
Pollack purchased the 25,000 SF commercial center, which sits at the corner of Cave Creek Rd. and Grandview this past month for about $750,000.
With just a few tenants currently renting space, Pollack says he plans to spend several hundred thousand dollars renovating the entire commercial center so additional tenants can move in.
“No project is too small or too big, but we are selective in what we buy,” Pollack said. “And with this project we know we are buying it with the challenge in front of us.”
Pollack has redeveloped more than 10 MSF of real estate projects since his career began several decades ago. Pollack’s purchase of the Cave Creek and Grandview shopping center follows a pattern of buying distressed properties and refurbishing the infill space. He has done so approximately 80 times throughout Arizona.
“Finding that distressed property and taking something that was once an eye-sore in the community and making it come to life and function like it should once again for the people who live in those areas is what we do,” Pollack said.
As with many of the other commercial center properties Pollack has purchased over the years, the response has been tremendous from the surrounding neighborhood.
Pollack said the renovations should take about a month and he expects the commercial center to be leased rapidly. Pollack is seeing an increased leasing velocity in the past several months.