Michael Pollack, owner of Mesa-based Pollack Investments, started the month of May with a $2M sale of three remaining parcels of retail space near Main and 63rd streets in East Mesa.
Mesa Main Plaza LLC out of Salt Lake City purchased 6209, 6215 and 6247 E. Main St. for almost $2M from Pollack Investments on May 1.
The three parcels, which total 67,740 SF, sold as part of a five-parcel retail project Pollack gradually sold over the past few years.
“It became a non-core asset for us,” Pollack said. “We are moving in a different direction and it was an old partnership that we wanted to close out.”
Pollack purchased the five parcels as one project about 10 years ago for $2.4M. In 2009, Pollack sold the first parcel for $1M. A year later he sold two more additional parcels for $800,000. Pollack says he has grossed $3.8M on the project.
He says the idea to subdivide the retail space came many years ago from his late son, Daniel, also a real estate developer, who died in 2011.
“This is really the closing of a chapter for all of us at Pollack Investments,” Pollack said. “It was actually my oldest son, Daniel, who had the great idea many years ago to divide up this project into five separate parcels and sell them separately.
“In the end it was really the smartest move and now we are selling at a time when the commercial real estate continues to rapidly improve for this type of product.”
One of the parcels, a 45,000 SF retail space was at one time a Fry’s grocery store and more recently a Goodwill store before they relocated into a larger facility nearby.
Pollack said he decided it was time to sell when broker Jon Willis of Willis Property Company brought him a potential buyer who wanted to continue to do creative things for the property with the community in mind.
“I feel very good about the sale because the new buyer brings a lot of imagination and creativity on the leasing side for this particular project,” Pollack said. “We did a lot of the heavy lifting on the renovation and redevelopment of this property and now it just needs to be fully leased or divided up and sold to the end users.”
Mesa Main Street Plaza LLC says it is open to various opportunities and is looking to lease the three parcels as soon as possible.
“Mesa Main Street Plaza LLC plans to create a friendly environment to attract businesses that will enhance the lives of those living in the community,” said Eric Sorenson, managing director of Mesa Main Street Plaza LLC.