Pollack Real Estate Investments owner Michael Pollack will close 2012 on a high note reinvesting, redeveloping and revitalizing another shopping center.
Pollack accepted one of several purchase offers at $9.9M for his El Monte Plaza, which is currently at 100% percent occupancy at the SEC of 19th Ave. and Dunlap in North Phoenix.
“It was great to get so many offers, but in the end we wanted to hand the project off to a group that we felt would maintain it the best and keep operating it the way Pollack Investments ran the property the last four years,” Pollack said.
Just four years earlier the center had fallen on hard times when several merchants including a major grocery store chain vacated the shopping center leaving it in disarray at only 25% occupancy.
Pollack determined to clean up the 100,000 SF center and revitalize the area, purchased El Monte Plaza and spent more than $1M on repairs and renovations. He secured a new grocery store tenant, El Rancho Market, and filled other vacant spaces with new tenants.
“This is a text-book example of taking a property that was old and tired and not just doing a simple facelift, but doing major surgery on it,” he said. “We spent over a million dollars to revitalize the property and now we can deliver it to the new owner absolutely beautiful and 100% occupied. That’s a big accomplishment especially in today’s market.”
But before the year was up, Pollack who currently owns more than 100 active real estate properties across Arizona, Nevada and California, decided to re-invest back in the Valley again, this time in Tempe just north of the 202 Red Mountain Freeway at the SWC of Scottsdale Rd. and Hancock at the Union Plaza shopping center.
Monday Pollack purchased the center, which is currently at 65% occupancy, for approximately $2.6M.
Pollack says he plans to renovate and revitalize the 38,000 SF Tempe Shopping Center and bring its occupancy up.
“We’re very excited about the potential of both this location and this particular property,” Pollack said. “We’re confident when we’re finished it will be a project that both the city of Tempe and the local community will find much more attractive and with the anticipated cooperation of the city of Tempe we’re hoping to start the remodeling by the first quarter of next year.”