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8/16/24
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Mesa Ranch Plaza, a 130k sf shopping center in Mesa, AZ, was purchased by a private investor for $26 mil ($200/sf).
Mesa Ranch Plaza is located at 1008, 1036, 1060, and 1142 E. Southern Ave. It is shadow-anchored by a prominent Hispanic grocer and includes a variety of local, regional, and national tenants that offering services such as grocery, fashion, financial, discount, healthcare, soft-good, restaurant, and medical.
The surrounding area features well-established apartment and single-family home communities. Within a 3-mile radius of Mesa Ranch Plaza, there are nearly 160,000 residents, with an average household income exceeding $85,500. The local population is projected to grow at an annual rate of 1.24% over the next five years.
Alex Kozakov and Patrick Wade of CBRE’s South Bay Los Angeles office represented the buyer, Mesa Ranch 24 LP, and the seller, SimonCRE, in the transaction. Michael Hackett served as the local market expert on the transaction.
“With a 99% occupancy rate and strong tenant base, Mesa Ranch Plaza represents a strategic investment opportunity, in one of the most sought-after retail markets in the US,” said Kozakov. “Our client’s capital investments have transformed this property into a high performing and stabilized asset.”
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