Cushman & Wakefield: Washington investor acquires Mesa shopping center
Staff Reports | Digital Free Press
Cushman & Wakefield brokered the recent sale of Red Mountain Plaza, which is a 69,270-square-foot, Home Depot shadow-anchored retail shopping center found at the northwest corner of Power Road and McKellips Road in Mesa.
Situated on about 8 acres, the sale consisted of 69,270 square feet that was 100% leased at the time of sale to a complementary tenant mix with Michaels and PetSmart leading the tenant roster, according to a press release.
The asset was sold to Red Mountain Plaza, a Washington LLC, for $16.4 million. The seller was HJ Red Mountain, LLC, an entity formed by Jakosky Properties, the release states.
Ryan Schubert and Michael Hackett with Cushman & Wakefield in Phoenix represented the seller in the transaction.
“This was an attractive investment opportunity of a fully leased shopping center with strong tenancy and a tremendous assumable loan in place,” said Executive Managing Director Ryan Schubert. “The asset further benefits from its synergistic position with Home Depot anchoring the shopping center.”