NAI Horizon negotiates $3.35M sale of Mesa shopping center
PHOENIX, ARIZONA (October 18, 2016): The NAI Horizon team of Senior Vice Presidents Barbara Lloyd and Lane Neville represented the seller in the $3.35 million sale of Grove Towne Center, 1130 W. Grove Ave., in Mesa.
Lloyd and Neville represented Grove Towne Center LLLP of Lone Tree, Colo.
“Our seller bought this property out of a distress situation and was able to add value through increased occupancy,” said Lloyd, CCIM. “The new owner will have the continued benefit of additional lease-up opportunity in a dynamic redevelopment corridor.”
The retail center, totalling 22,224 square feet, was 74 percent occupied at the time of the sale. Tenants include Barro's Pizza, Ike's Love and Sandwiches, and the Draft Sports Grill.
The buyers, Grove Arizona LLC and Nevada Ventures LLC of Calabasas, Calif., were represented by Sean Bishop of Lee & Associates.
About NAI Horizon
Established in 1992, NAI Horizon is a full-service commercial real estate brokerage and management firm serving Arizona through its offices in Phoenix and Tucson. In June 2015, NAI Horizon became one of the few broker-owned and operated full-service commercial real estate firms in Arizona.
Exceptional global commercial real estate solutions begin with local market leadership and expertise. NAI Horizon is passionate about the commercial real estate business, providing Brokerage and Property Management Services for local, national and international clients. NAI Horizon is a member of the NAI Global commercial real estate network which provides real estate solutions worldwide.
For more information visit www.naihorizon.com.
About NAI Global
NAI Global is the single largest, most powerful global network of owner-operated commercial real estate brokerage firms. NAI Global provides a full range of corporate real estate services, including brokerage and leasing, property and facilities management, real estate investment and capital market services, due diligence, global supply chain and logistics consulting and related advisory services. NAI Global Member firms, leaders in their local markets, are actively managed to work in unison and provide clients with exceptional solutions to their commercial real estate needs. Founded in 1978, today NAI Global has more than 375 offices strategically located throughout North America, Latin America, Europe and Asia Pacific,
with over 6,700 local market professionals, managing over 380 million square feet of property. Supported by the central resources of the NAI Global network, Member firms deliver market-leading services locally and combine their in-market strengths to form a powerful bond of insights and execution for clients with multi-market challenges.
NAI Global was acquired in 2012 by C-III Capital Partners, a commercial real estate services company engaged in a broad range of activities, including primary and special loan servicing, loan origination, fund management, CDO management, principal investment, title services and multifamily property management.
To learn more, visit www.naiglobal.com.
# # #