SVN sells Red Mountain Plaza in Mesa for $2.5M
SVN Advisor, Beau Flahart has stated before that the secondary markets are said to be lucrative investments. That statement rings true since Desert Commercial Advisors closes its second multimillion dollar deal this week with the $2,500,000 sale of Red Mountain Plaza in Mesa, AZ.
Arizona’s value-add and stable retail strip centers are currently in high demand with attractive cap rates therefore it makes it easier to find investors viable properties. Red Mountain Plaza is located at 1152 N. Power Road. The 11, 257 retail plaza is at a signalized intersection at Brown and Power Roads. Before the sale could take place, the client and seller were in a situation where his loan was due soon but there were still a few vacancies left in the plaza that needed to be occupied. SVN was able to quickly lease the center leaving only one small vacant suite.
The seller Robert Casselman has been a long time client of the SVN Phoenix office. “Bob’s level of professionalism is paramount and working with him has been very enjoyable,” Flahart said. Once the plaza was almost fully leased, the retail advisor was able to quickly find a buyer because it brought the center to a more stable condition while also having a healthy cap rate. The agreed price was a win/win for both the seller and the buyer, William Kostrivas with G2K2, LLC.
“Beau’s hard work increased the occupancy and net operating income to a level that it hasn’t been in quite some time,” Casselman said. “The communication SVN had throughout the whole process was much appreciated. We were never left in the dark and always knew what was going on.”