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February 25, 2024
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AZ Retail Property Goes for $620/sf


A 1031 exchange investor paid $4.4 mil for a three-tenant, 7.1k sf ($620/sf) 100% leased retail property in Mesa, AZ. The property is occupied by Point 22 Tavern, Rio Nail Bar, and Bosa Donuts.

Built in 2023, the property is situated on .85 acres at 9248 E. Cadence Pkwy. The asset is part of Arrival at Cadence, a 16.45-acre shopping center with more than 20 businesses. It is also adjacent to EastMark Community with more than 15,000 residential units and nearly 1 msf of retail currently under development. There are a number of nearby major employers including Apple, Meta, and Amazon, among others.

SRS Capital Markets Matthew Mousavi, Patrick Luther, Ed Beeh, Mike Polachek, and Stephanie Davis represented the seller, Thompson Thrift Commercial. The buyer was Choe Harding LLC. The closing cap rate was 5.99%.

“The fully occupied property features state-of-the-art construction and provides a steady cash-flow with minimal landlord responsibilities for the new ownership,” said Luther. “The City of Mesa continues to grow and experience demand for retail as jobs and population numbers see consistent expansion.”

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