CBRE completes $13.1M sale of Tri-City Pavilions
CBRE has completed the sale Tri-City Pavilions located at the northeast corner of Dobson Road and Main Street in Mesa, Ariz. The ±96,336-sq.-ft., Safeway-anchored shopping center commanded a sale price of $13.1 million.
Bob Young, Glenn Smigiel, Steve Brabant and Rick Abraham with CBRE’s Phoenix office negotiated the transaction on behalf of the seller, J.G. Management Company of Westlake Village, Calif. The buyer is Fairfield, New Jersey-based Lamar Companies.
“Tri-City Pavilions is an interesting project. It has a prominent East Valley history, and is also playing a key part in the area’s future development,” said Young. “The property was originally developed as Tri-City Mall in 1968 and was anchored by JC Penny, Diamonds Department Store and a Bashas’ supermarket. Subsequently, the mall was demolished to make way for the current Tri-City Pavilions shopping center and a major park and ride center for the light rail system. Additional mixed-use transit oriented development is planned for the area as well.”
Young also said the former mall had the distinction of being the first enclosed shopping center in the East Valley region of Phoenix, and was originally named Tri-City because of the intent to draw shoppers from three cities: Mesa, Tempe and Chandler.
Completed in 2000, the property was 75 percent leased at time of sale. The asset includes a ±55,000-sq.-ft. Safeway surrounded by a mix of complementary daily necessity tenants. Tri-City Pavilions is strategically located within the nexus of Mesa’s extensive transportation hub. It is surrounded by numerous bus lines, adjacent to one of Mesa’s two Light Rail Transit Centers and is just one mile from the Loop 101 Freeway.