A 30,195-square-foot Mesa retail center anchored by a Safeway, located at Val Vista Drive and Southern Avenue, was sold for $4,550,000 by Pac West Land LLC.
Arizona Partners purchased Stonebridge Shopping Center, which was 69 percent occupied at close of escrow.
Andrew Harrison and Ari Spiro at ORION Investment Real Estate represented both the buyer and seller in this transaction.
In addition to Safeway, the property shares the site with a Del Taco, Jack in the Box, and a Safeway Fuel Station. The property is less than one mile north of the Superstition Freeway.
Harrison, senior vice president at ORION, said the property was initially acquired by Pac West Land in 2012 as a real estate owned property. The buyer was in a 1031 exchange and was looking for an asset to add value by leasing up vacancies, Harrison added.