Newmark announces the $9 million sale of the Shoppes at Legacy House at 5609 E McKellips Road in Mesa, Arizona. Newmark Senior Managing Directors Jesse Goldsmith and Steve Julius and Associate Chase Dorsett represented both the seller, an affiliate of YAM Properties, LLC, and the buyer, Sperry Equities, LLC in the sale of the 54,160-square-foot retail center. The transaction includes a free standing NNN Auto Zone Pad as well as a Verizon cell tower.
“This was an extremely unique transaction; having gone into escrow two weeks before the pandemic was declared a national emergency which lead to a five-month escrow,” said Goldsmith. “Transactions closing during the pandemic are those in which both the buyer and the seller show an enormous amount of patience and integrity. Watching the two parties work towards a successful closing amidst the challenging environment was a highlight in my career. The Southern California-based buyer continues to show great faith in the Phoenix retail market with this closing.”
Built in 2006, Shoppes at Legacy House is located along McKellips Road between Higley and Recker Roads. The retail center is 90 percent occupied by tenants including Cigna Medical Group, Pita Jungle, Auto Zone and more.
According to Newmark Research, the sale of Shoppes at Legacy House is the fourth largest single property sale by volume in Greater Phoenix since March and the largest multi-tenant retail sale in the City of Mesa in 2020. This is significant because of the difficulty of securing traditional financing due to public and traditional banking corporate health measures .The $166.17 per square foot transaction pricing was 29 percent higher than the median retail sale price per square foot ($128.85 per square foot) in Mesa in the second-quarter.
Newmark (“Newmark”), operated by Newmark Group, Inc. (“Newmark Group”) (NASDAQ: NMRK), is one of the world’s leading and most trusted commercial real estate advisory firms, offering a complete suite of services and products for both owners and occupiers. Together with London-based partner Knight Frank and independently-owned offices, Newmark’s 18,000 professionals operate from approximately 480 offices on six continents. Newmark’s investor/owner services and products include investment sales, agency leasing, property management, valuation and advisory, diligence, underwriting, government-sponsored enterprise lending, loan servicing, debt and structured finance and loan sales. Occupier services and products include tenant representation, real estate management technology systems, workplace and occupancy strategy, global corporate services consulting, project management, lease administration and facilities management. For further information, visit www.ngkf.com.
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