November 20, 2023 9:00 AM
Newmark announces it has completed the sale of The Shops at Sossaman, a 34,151-square-foot neighborhood shopping center located at 7641 E. Guadalupe Road in Mesa, Arizona. The asset sold for $8,075,000.
Newmark Senior Managing Directors Steve Julius and Jesse Goldsmith and Director Chase Dorsett represented the buyer, a joint venture managed by Crow Holdings Capital, and the seller, Abington Emerson Investments, in the transaction.
Built in 2002, The Shops at Sossaman offer attractive curb appeal with the opportunity to develop a 0.89-acre PAD on-site. The property was 100% leased at the time of sale to a diverse tenant mix, including Banner Health Physical Therapy, East Valley Pet Urgent Care, Empower Academy and Crave Pizza.
“The Shops at Sossaman presented a compelling opportunity for investors given its location in East Mesa, which is seeing significant housing and commercial growth,” said Dorsett. “We are confident that the team at Crow Holdings will continue to maximize the potential of this asset.”
Abington Emerson Investments purchased the property in 2017 at 37% occupancy, with plans to reposition and lease-up the asset, knowing the submarket would soon experience significant residential and commercial growth.
“We were able to add local retailers to the tenant lineup that will serve nearby residents for years to come,” said Brent Howard, Vice President of Acquisitions for Abington Emerson Investments. “This transaction was a win-win for all parties, and we wish the buyer all the success with the property.”
Located at Guadalupe Road and Sossaman Road, the shopping center is proximate to the rapidly growing Phoenix Mesa Gateway Airport and benefits from a strong household income of $102,568 within a three-mile radius. Furthermore, the property is conveniently situated 1.5 miles from major freeways, US-60 and Loop 202, providing easy access for both tenants and customers.
Newmark Group, Inc. (Nasdaq: NMRK), together with its subsidiaries (“Newmark”), is a world leader in commercial real estate, seamlessly powering every phase of the property life cycle. Newmark’s comprehensive suite of services and products is uniquely tailored to each client, from owners to occupiers, investors to founders, and startups to blue-chip companies. Combining the platform’s global reach with market intelligence in both established and emerging property markets, Newmark provides superior service to clients across the industry spectrum. For the year ending December 31, 2022, Newmark generated revenues of approximately $2.7 billion. As of September 30, 2023, Newmark’s company-owned offices, together with its business partners, operate from approximately 170 offices with 7,400 professionals around the world. To learn more, visit nmrk.com or follow @newmark.
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