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June 22, 2024
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AZ Retail Center Goes for $15 Mil


HK Real Estate Investment paid $15 mil for Tri-City Pavilions, a 94.3k sf ($159/sf), Safeway grocery-anchored shopping center in Mesa, AZ. The property was sold by Lamar Companies.

Located on 11.23 acres at the northeast corner of North Main St and Dobson Rd, Tri-City Pavilions was completed in 2000. The property was fully leased to 16 tenants at the time of sale, including Safeway, Truwest Credit Union, My Doctor Now, The Stone, Mesa Barber School, and H&R Block.

The property is surrounded by numerous bus lines and adjacent to one of only two Light Rail Transit Centers in Mesa. Tri-City Pavilions sits one mile from the Loop 101 Fwy, two miles from the Superstition Fwy, and three miles from the Loop 202 Fwy.

Glenn Smigiel, Bob Young and Rick Abraham of CBRE in Phoenix represented the in the transaction.

“The sale of Tri-City Pavilions was one of the largest retail transactions in the market this year,” said Abraham. “It is not often that an opportunity arises in Arizona to acquire both a national grocer and its shop space. This resulted in high investor interest in the property.”

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