De Rito Partners redeveloping retail center in Mesa
De Rito Opportunity Investors, LLC, a company formed by De Rito Partners in Phoenix (Marty De Rito, Iver Bowden, Doug Himmelberger, Principals) has purchased the retail plaza and adjacent drive-thru in Mesa, Arizona, located at the southeast corner of Southern Avenue & Stapley Drive for $2,250,000. The 84,890 square-foot center, was owned by Brixmor GA Apollo II Sub, LLC. The sale was negotiated by Glenn Smigiel of CBRE. The adjacent 2,436 square foot drive-thru was owned by Smothers Family Investments II, LTD.
De Rito Partners has spent over $1,000,000 on updating the center with Spanish-inspired facades, parking lot resurfacing and various capital improvements. De Rito Partners agents, Bill Bones and Lizette Borbon-Iskhakova are working on re-leasing the plaza named La Gran Plaza. An anchor box at 52,220 square foot is available in addition to smaller spaces ranging from 1,200 to 6,500 square feet, including two freestanding buildings (one with a drive-thru).
“We are excited to be working on this premier Hispanic-focused retail destination. We have developed 22 retail properties including a major renovation of The Pavilions at Talking Stick. We secure dominant retail tenants for our projects and are happy to be a significant part of the growing Hispanic redevelopment opportunities in Arizona. ” said Marty De Rito, CEO of De Rito Partners.