MESA, AZ, JUNE 27,2024 – Nick Miner, CCIM reports representing the Buyer of the off market, neighborhood center adjacent to the Superstition Mall in Mesa, Arizona for $11,600,000.00 or $211 per square foot.
Nick Miner, CCIM, Senior Vice President at ORION commented, “This property has been owned and managed by the owner for over 20 years. They really weren’t planning to sell but unfortunately one of the partners passed away and that prompted the call from the other partner to me.” Miner continued, “I sold another property for that partner and he knew I would be able to help him with this one.”
“This property was in escrow for almost 2 years because of an issue with the dry cleaner. Luckily, having had a lot of experience in dealing with dry cleaners in other centers, I was able to help guide the Seller into what it would require to get the property an NFA in order for the Buyer to close” Miner continued.
From open to close the transaction took 645 days. Both the Buyer and Seller were glad to get the transaction closed and both worked together during the timeframe to make sure it did.
Buyer, Electric Ave, LLC, was represented by Miner of ORION Investment Real Estate.
Seller, Superstition Marketplace, LLC was self-represented.
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RELATED LINKS:
Miner reps buyer of neighborhood center in Mesa – Rose Law Group Reporter
Superstition Marketplace Sells Retail Center in Mesa, Arizona for $11.6M – REBusiness Online
ABI Multifamily pays more than $18 million for apartment communities; plus 6 more Valley deals – Phoenix Business Journal
Off-Market Neighborhood Center in Mesa Sells for $11.6 Million – Real Estate Daily News
Mesa, Arizona, Shopping Center Sells To Out-of-State Investment Firm – Costar
Western Real Estate Business July 2024 Issue
PSRS Arranges $7.6M Acquisition Financing for Superstition Marketplace in Mesa, Arizona – REBusiness Online