CBRE completed the sale of a 90,496 SF portion of Mesa Commons, a retail center on the SWC of Signal Butte Rd. and Apache Trail in Mesa.
Glenn Smigiel, Bob Young, Steve Brabant, Rick Abraham, Nancy Romanovsky, Steve Fernandez and Andrew Fosberg of CBRE’s Phoenix office represented the seller, BH Properties of Los Angeles in structuring the $8.25M sale. The buyer was 10603 Apache Trail LLC of Las Vegas.
“This was a great deal for the seller and buyer,” Smigiel said. “The seller bought a vacant big box building and successfully repositioned it, and the buyer was able to acquire a 100% leased property with long-term leases that generates a very strong cash return. This sale truly represented a win-win for everyone involved.”
“CBRE did a great job identifying the likely buyers and were our partners throughout the entire process. Glenn, Bob, Steve and the rest of their team were a real asset in driving the deal to closing,” said Steve Jaffe, Executive Vice President and General Counsel for the seller.
Built in 1991 and renovated in 2004, the building is fully leased to three nationally recognized retail tenants, Big Lots, Harbor Freight Tools and Goodwill Industries. The balance of the center, which was not included in the sale, is anchored by a Bashas’ grocery store and a variety of other tenants, including Big 5 Sporting Goods, Papa John’s, Radio Shack, Nationwide Vision and Edward Jones.
