Newmark Knight Frank (NKF) announced the $9 million sale of the Shoppes at Legacy House at 5609 E McKellips Road in Mesa, Arizona. NKF Senior Managing Directors Jesse Goldsmith and Steve Julius and Associate Chase Dorsett represented both the seller, an affiliate of YAM Properties, LLC, and the buyer, Sperry Equities, LLC in the sale of the 54,160-square-foot retail center. The transaction includes a free-standing NNN Auto Zone Pad as well as a Verizon cell tower.
“This was an extremely unique transaction; having gone into escrow two weeks before the pandemic was declared a national emergency which lead to a five-month escrow,” said Goldsmith. “Transactions closing during the pandemic are those in which both the buyer and the seller show an enormous amount of patience and integrity. Watching the two parties work towards a successful closing amidst the challenging environment was a highlight in my career. The Southern California-based buyer continues to show great faith in the Phoenix retail market with this closing.”
Built in 2006, Shoppes at Legacy House is located along McKellips Road between Higley and Recker Roads. The retail center is 90 percent occupied by tenants including Cigna Medical Group, Pita Jungle, Auto Zone and more.
According to NKF Research, the sale of Shoppes at Legacy House is the fourth largest single property sale by volume in Greater Phoenix since March and the largest multi-tenant retail sale in the City of Mesa in 2020. This is significant because of the difficulty of securing traditional financing due to public and traditional banking corporate health measures .The $166.17 per square foot transaction pricing was 29 percent higher than the median retail sale price per square foot ($128.85 per square foot) in Mesa in the second-quarter.