NEC Southern & Stapley, Mesa, AZ

Price $1,200,000
Size 16,716 SF
Price per SF $74.34
Cap Rate N/A – high vacancy
Occupancy 27%
Year Built 1980

The subject property offers high visibility space just off a major intersection but suffers from an identity crisis. The design is generic and it is hard to tell if it is office or retail space. On the other hand, the visibility of these twin buildings are similar to the highly successful multi-tenant pads that are being built now. The buyer plans to remodel the buildings to make them look like more typical modern retail space. 2.95 acres of vacant land were also included with this sale. The buyer valued the center at $950,000 ($58.86/sf) and the land at $250,000 (1.95/sf).

A Panda Express is planned for the hard corner pad and will probably share access driveways. The center on the southeast corner just underwent a major renovation. The center on the northwest corner is extremely busy and is achieving very high, market leading rents. The subject property offers the highest visibility and easiest access space on the intersection.