CBRE has completed the sale of Southgate Mall, a 208,976 SF regional shopping center on the NWC of Fourth Ave. and 32nd St. in Yuma.
Bob Young, Glenn Smigiel, Steve Brabant, Rick Abraham and Nancy Romanovsky in CBRE’s Phoenix office, along with local contact Tom Pancrazi of A.T. Pancrazi Real Estate Services in Yuma, represented the seller, MidFirst Bank.
The buyer, Southgate Mall LLC, an affiliate of CCA Acquisition Company and Kornwasser Shopping Center Properties, acquired the property for $4.12M.
“Southgate Mall was a classic value-add opportunity,” Brabant said. “The property’s location coupled with its large parcel size provides the buyer with a real opportunity to creatively reposition the property. Plus, there is added cash flow potential from adding new tenants and signing existing tenants to longer leases.”
Southgate Mall is the only enclosed mall in Yuma and is surrounded on three sides by other retail developments with top brand stores, including Lowe’s Home Improvement, Barnes & Noble and Albertsons.
Major tenants at Southgate Mall include Burlington Coat Factory and Big 5 Sporting Goods. Sears and Goodwill are also located at the center but were not part of the sale.
Built in 1973 and expanded in 2009-2010, Southgate Mall was 62% occupied at the time of sale.
