Mesa Shopping Center Investment Opportunity Trades for $1.6 Million

Nov. 20, 2014 - PRLog -- Continental Plaza, a 37,400 SF retail shopping center at 855 W. University Dr. in Mesa sold for $1,612,500 or $43.11 per SF. The transaction closed on November 14. The neighborhood center was over 70 percent leased at the time of sale.

Lee & Associates principals, Jan Fincham and Pat Dempsey completed the deal on behalf of both seller and buyer. The seller was Kodash, Inc. of Costa Mesa, CA and the buyer was Geyser Development of Tempe. Geyser is also currently under contract to purchase the adjacent empty Fry’s Food Stores building and has secured a tenant to occupy half of the 50,000 SF space.

The multi-tenant center sits on 3.58 acres at the intersection of University Dr. and Extension Rd. and features a varied tenant mix such as O’Reilly Auto Parts, Farmers Insurance and H & R Block.

For more information:

Jan Fincham, Principal
602.954.3754, jfincham@leearizona.com

Patrick Dempsey, Principal
602.954.3772, pdempsey@leearizona.com

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Lee & Associates Arizona specializes in providing exceptional commercial brokerage services to the industrial, office, land and investment sectors of the Phoenix commercial real estate market. The Phoenix office was established in 1991 and is now recognized as one of the most successful brokerage firms in the state. Each of our nationwide Lee & Associates offices has a strong local ownership combined with a powerful platform from the national Lee & Associates network.