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2/08/24
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The Marketplace at Signal Butte, a 116.4k sf retail center in Mesa, AZ, sold for $8 mil ($69/sf). The property, built in 1997, currently houses seven tenants on triple net leases.
Located at 10623 East Main Street, Marketplace at Signal Butte is positioned in proximity to the Loop 202 Fwy and the 60 Fwy. Strategically situated on the southwest corner of the lighted intersection of Apache Trail and Signal Butte Rd, on the border of Mesa and Apache Junction, the center benefits from high visibility and accessibility, with over 37,000 cars per day at the intersection.
Chase Dorsett, Steve Julius and Jesse Goldsmith with Newmark represented the private seller, Marketplace at Signal Butte SPE LLC, in the transaction.
Retail vacancy continues to trend toward record lows as Maricopa County remained the fastest-growing county for the third year in a row, according to Newmark Research. Amidst rising interest rates and an average cap rate of 7%, Phoenix’s retail market is projected to remain steady in the first half of 2024.
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