Two-Tenant Mesa Retail Property Trades for $1.5 Million to California Investor

Phoenix, Ariz. – CBRE arranged the $1.5 million sale of a two-tenant retail property located near Gilbert Road and Southern Avenue in Mesa, Ariz. The buyer, a private California investor, acquired the property from SimonCRE Highlands IV, LLC, a Scottsdale-based commercial real estate developer.

CBRE’s Steve Julius and Jesse Goldsmith represented the seller in the transaction.

Located at 1942 E. Southern Ave., the 5,658-square-foot retail building is fully leased by two long-term tenants: Ike’s Sandwiches and Judd Orthodontics. The property is situated near a busy intersection with immediate access to numerous retailers including a new Black Rock Coffee Bar, Speedy Cash and Chevron gas station. The U.S 60 freeway is less than a mile away. 

In CBRE’s recent North America Cap Rate Survey, retail cap rates for both stabilized and value-add properties increased for all retail segments in the second half of 2018. Cap rates for both power and neighborhood/community center stabilized properties are expected to remain unchanged or increase slightly in the first half of 2019.

About CBRE Group, Inc.

CBRE Group, Inc. (NYSE:CBRE), a Fortune 500 and S&P 500 company headquartered in Los Angeles, is the world’s largest commercial real estate services and investment firm (based on 2018 revenue). The company has more than 90,000 employees (excluding affiliates) and serves real estate investors and occupiers through more than 480 offices (excluding affiliates) worldwide. CBRE offers a broad range of integrated services, including facilities, transaction and project management; property management; investment management; appraisal and valuation; property leasing; strategic consulting; property sales; mortgage services and development services. Please visit our website at www.cbre.com.

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