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October 27, 2021
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SimonCRE Picks Up AZ Retail Center for $17.6 Mil


SimonCRE, an Arizona-based real estate development and investment company, acquired Mesa Ranch Plaza, a 204.5k sf retail property in Mesa, AZ, for $17.6 mil in an all-cash deal.

Mesa Ranch Plaza, located at 1008-1142 E. Southern Ave, houses such daily needs retailers as grocer Los Altos Ranch Market, home-goods store DD’s Discounts, shoe retailer WSS, as well service-oriented tenants such as Dentistry for Children and Rapido Express Income Tax. The site also features undeveloped land at the corner of Solomon and Southern Ave, which is permitted for retail uses and provides an extra value-add opportunity for the buyer. The property currently has 64.5k sf of vacant space, which represents approximately 32% of the overall gross leasable area.

CBRE’s Alex Kozakov, Patrick Wade, Matthew Greenberg, Andrew Fosberg and Dylan Brown represented the buyer and the seller, a California-based private real estate company. According to CBRE, the deal received more than 10 offers, and the property sold above the listing price.

“The Phoenix metropolitan area has recently seen significant population growth and retailer demand,” said Kozakov. “While Mesa is an established submarket with significant retail shopping center competition, SimonCRE saw a unique opportunity to stabilize the shopping center through capital improvements and lease up. Their local expertise and relationships gave them confidence in increasing occupancy.”

“The grocery anchor Los Altos Ranch Market provides a strong customer draw to the center,” said Wade. “Consisting of five separate parcels, the property provides the buyer with good flexibility.”

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