CBRE has arranged the $15 million sale of Tri-City Pavilions, a 94,268-square-foot Safeway grocery-anchored shopping center in Mesa, Ariz., to HK Real Estate Investment.
Glenn Smigiel, Bob Young and Rick Abraham of CBRE in Phoenix represented the seller, Lamar Companies, in the transaction.
Located on 11.23 acres at the northeast corner of North Main Street and Dobson Road, Tri-City Pavilions was completed in 2000. The property was fully leased to 16 tenants at the time of sale, including Safeway, Truwest Credit Union, My Doctor Now, The Stone, Mesa Barber School, and H&R Block.
“The sale of Tri-City Pavilions was one of the largest retail transactions in the market this year,” said Abraham. “It is not often that an opportunity arises in Arizona to acquire both a national grocer and its shop space. This resulted in high investor interest in the property.”
The property is surrounded by numerous bus lines and adjacent to one of only two Light Rail Transit Centers in Mesa. Tri-City Pavilions sits one mile from the Loop 101 Freeway, two miles from the Superstition Freeway, and three miles from the Loop 202 Freeway.
About CBRE Group, Inc.
CBRE Group, Inc. (NYSE:CBRE), a Fortune 500 and S&P 500 company headquartered in Dallas is the world’s largest commercial real estate services and investment firm (based on 2019 revenue). The company has more than 100,000 employees (excluding affiliates) and serves real estate investors and occupiers through more than 530 offices (excluding affiliates) worldwide. CBRE offers a broad range of integrated services, including facilities, transaction and project management; property management; investment management; appraisal and valuation; property leasing; strategic consulting; property sales; mortgage services and development services. Please visit our website at www.cbre.com.
