CBRE has negotiated the sale of a 4.25-acre lot at Mariposa Mall Shopping Center in Nogales, Ariz. The commercial retail zoned parcel commanded a sale price of $1.4M.
Peter Villaescusa and Jesse Person with CBRE’s Tucson office represented the seller, Phoenix, Ariz.-based HGC/MW Development LTD Partnership. The buyer, SBX Holding Company of Scottsdale, Ariz. was represented by Chip Thor with Velocity Retail in Phoenix.
“This sale reaffirms Nogales position as a strong retail market,” said CBRE’s Villaescusa. “Mexico’s economy is healthy and the border market reflects that.”
The land parcel, which totals approximately 184,684 square feet or 4.25 acres, is adjacent to major tenants, Ross Dress for Less and a Kmart Supercenter. Plans for the property include further retail development.
Built in 1989, Mariposa Mall Shopping Center is located on Mariposa Road and is approximately three miles north of the US-Mexico border. The open-air destination retail center features a JC Penny, Boot Barn and Foot Locker, among others. There are a number of other national retailers in the area as well, including a Super Wal-Mart, Home Depot and Safeway.
