123rf.com: Vadim Guzhva

NAI Horizon sells retail property for $1.575M

John Filli of NAI Horizon represented the seller, Kadkhodaian, LLC in the negotiated sale of a 21,884 SF retail property, for $1,575,000. The property is located at 1316 S. Longmore Rd., Mesa, AZ. This was a sale of an Adaptive Reuse Building consisting of a former AMC Theater with 4 Auditoriums, a 1,402 SF Retail Suite, and a 1,402 SF Restaurant that was converted into a Banqueting, Conferencing, and Reception Center by filling in 3 of the 4 auditoriums with 2,729 cubic yards of concrete, finishing out each of the filled auditoriums into luxurious ballrooms, installing a waterfall/fountain feature in the lobby area, providing new tile and carpeting where needed, refurbishing the men’s and women’s restrooms, and transforming the existing restaurant into a catering Kitchen. The buyer, Seong Ho Lee, plans to convert 51% of the property to a Korean Marketplace, while retaining 49% for the current BCRC operation.

POSTED: . TAGS: , , , , , ,

About AZRE

Pulling together the multiple facets of the commercial real estate industry in Arizona, AZRE: Arizona Commercial Real Estate Magazine reaches out to the largest local and national commercial real estate audience within the Grand Canyon State and beyond. AZRE covers up-to-date happenings within commercial development, brokerage, construction, investment, finance, architecture, property management, real estate law and more as it relates to Arizona. Additionally, AZRE is an active voice within the commercial industry, partnering with such organizations as NAIOP, ABA, ICSC AZ, AIA AZ and Valley Partnership.

What are your thoughts on this? Give us your comment.

Your email address will not be published. Required fields are marked *

Anti-spam: complete the taskWordPress CAPTCHA