CBRE will lease Downtown Mesa properties that are key to revitalization plans

Real Estate | 12 Feb |

CBRE announced today that the firm was awarded the exclusive leasing assignment for eight historic urban retail properties on Main Street in Downtown Mesa, Ariz., that consist of nearly 110,000 square feet. The properties were acquired in February 2018 by Caliber Wealth Development Fund, who plans to re-develop the buildings as part of the city of Mesa’s downtown revitalization plans.

Carol Schillne and Kerry Linthicum with CBRE Retail Services are the leasing agents for the properties, which are located in an area bounded by Center Street and Country Club Road on Main Street. The team expects to source a mix of local and national retail, restaurant, entertainment and co-working office concepts to complement downtown Mesa’s revitalization and infuse new energy into the city’s historic core.

“Caliber is on the leading edge of redefining the character of downtown Mesa with this listing as well as the other projects we are considering in the area. Our team looks forward to partnering with Carol, Kerry and the team from CBRE on this important project for our firm,” said Rodney Riley with Caliber.

This redevelopment is among several proposed and announced projects in downtown Mesa. In June 2018, the city of Mesa announced that ASU will add a new downtown Mesa campus to house its film, media and gaming programs, bringing an estimated 750 students to the area. Additionally, The Church of Jesus Christ of Latter-day Saints is undergoing a two-year renovation of its 75,000-square-foot Mesa temple and surrounding grounds.

“We have a unique opportunity to transform a historic city center into a vibrant, multi-use community with retail, housing, office and higher-education all in one,” said Schillne. “With our experience in creating memorable retail offerings, we look forward to reshaping the area with brands and concepts that enhance the soul of downtown Mesa and create a truly urban environment for families, students and downtown residents to enjoy.”

Investments from the city of Mesa also include expansion of Valley Metro light rail into downtown, the award-winning $100-million Mesa Arts Center and the Downtown Façade Improvement Program, which aims to assist property owners and tenants in improving building frontages.

“It has been amazing to watch downtown Mesa begin a transformation that has been many years in the making,” Mayor John Giles said. “Caliber has made a significant investment in downtown and I can’t wait to see the results of listing these eight properties with CBRE.”

“Our ability to leverage CBRE’s unmatched experience in creating one-of-a-kind retail experiences helped us win this listing in an area that is undergoing tremendous change,” said Linthicum. “Downtown Mesa is poised to be the East Valley’s next social, educational and cultural destination, and we’re excited to partner with Caliber and the city of Mesa in bringing that vision to life.” 

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