Texas investment group buys nearly vacant Mesa shopping center

Provided by Cassidy/Turley

The Superstition Triangle shopping center, located on a 12.75-acre property at the northwest corner of Baseline and Greenfield roads in Mesa, was sold last Friday to 1944 South Greenfield Road LLC. Its sale was one of the largest big-box building sales Phoenix has seen since the market boom in 2006, industry experts said.

A Texas investment group has tapped into the Arizona market for the first time through acquisition of a nearly 164,000-square-foot distressed shopping center in Mesa, which has remained almost entirely vacant for the past three years, for about $4.52 million, according to Velocity Retail Group of Phoenix.

The Superstition Triangle, located on a 12.75-acre property at the northwest corner of Baseline and Greenfield roads, was sold June 8 to 1944 South Greenfield Road LLC, a Delaware company owned by Texas-based 29 Northwest LLC, according to records in the Arizona Corporation Commission? ? Arizona Corporation Commission Latest from The Business Journals North Scottsdale shopping center with Walmart, Best Buy sells for MArizona solar industry still dealing with installation financingSolar tariffs could hit Arizona companies Follow this company and a statement by Velocity, which represented the buyer. The initial asking price was $5.72 million, according to Cassidy Turley/BRE Commercial, which represented the seller.

WWW AHF Partners LLC, a subsidiary of Albuquerque-based American Home Furnishings? ? American Home Furnishings Latest from The Business Journals Adelante opens document shredding, imaging centerStanton furniture hits comfort zoneREA Advisors scouting for deals and talent Follow this company , which filed for Chapter 11 bankruptcy protection in 2008, sold the property through its court-appointed receiver Trident Pacific Real Estate Group Inc.

Only about 5 percent of Superstition Triangle?s total available space currently is occupied by Dos Gringos Mexican Cantina. The shopping center?s biggest and toughest,selling point is its 144,500 square feet of space intended for a big-box retailer with the remaining space geared toward smaller shops and a restaurant, Darren Pitts, executive vice president and co-leader of Velocity, told the Phoenix Business Journal on Monday.

?Once you get a building this size, it?s petty limited to how you can use it,? Pitts said.

The development initially was built in 2002 to accommodate a K-Mart store, which never ended up occupying the space. It was instead renovated in 2006 to accommodate American Home as the anchor tenant for several years until the company closed all its Valley locations shortly following its bankruptcy filing.

Kristena Hansen covers residential and commercial real estate.

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