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1/25/23
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Red Mountain Plaza, a 69.3k sf Home Depot shadow-anchored retail shopping center in Mesa, AZ, traded hands in a $16.4 mil ($237/sf) deal.’ The property sits on approximately eight acres at the northwest corner of Power Rd and McKellips Rd.
The center was 100% leased at the time of sale to a complementary tenant mix with Michaels and PetSmart leading the tenant roster.
Ryan Schubert and Michael Hackett with Cushman & Wakefield in Phoenix represented the seller, HJ Red Mountai LLC, an entity formed by Jakosky Properties. The buyer was Red Mountain Plaza, a Washington LLC.
“This was an attractive investment opportunity of a fully leased shopping center with strong tenancy and a tremendous assumable loan in place. The asset further benefits from its synergistic position with Home Depot anchoring the shopping center,” noted Schubert.
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