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4448 E Main Street - Main & Greenfield Plaza, Mesa, AZ

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4448 E Main Street - Main & Greenfield Plaza

Mesa, AZ 85205 - Red Mountain/Mesa Ret Submarket

Property Type:Retail Sub Type:- Status:Existing Year Built:1979
Building Size:18,600 SF Land Area:1.56 AC (67,954 SF)
For Sale Price:$1,795,000 Price/SF:$96.51
Cap Rate:12.39 %
Parking:Free Surface spaces are available; Ratio of 4/1,000 SF
Features:Dedicated Turn Lane, Pylon Sign, Signage, Signalized Intersection

Freestanding multi-tenant retail building in a Fry's anchored shopping center.

Sale Notes:
Fry’s Shops on Main is a multi-tenant retail center shadow-anchored by Fry’s grocery store in Mesa (Phoenix), Arizona. The building,constructed in 1979, currently has four vacant suites, however the ±7,200 square feet can be demised into multiple smaller suites. At only 27% occupancy, this provides a buyer significant upside and value creation through leasing and upgrades. It is important to note that the property was 88% occupied less than a year ago; the loss of the ±4,200 square feet tenant last summer and ±7,200 square feet tenant in January were recent events. The dry cleaners on the end cap also has a below market rent of only $9.14 Gross. This retail center is for sale for only $96 per square foot, which is well below replacement cost (±$175 psf) and less than half of the current market average for strip centers sales ($221 psf).

This asset is located on the northeast corner of Main & Greenfield in Mesa, Arizona. Mesa is a large community in the southeast valley of the Phoenix MSA. The concentration of homes, apartments, and retirement parks is very high surrounding this property with 118,585 people in a 3-mile radius. This property benefits from heavy traffic counts of approximately 49,200 vehicles per day. The subject building is located within a larger center that includes Fry' s Food (owns their own building and has been a grocery store here since the 1970' s), Taco Bell, Compass Bank, Dollar Tree, Fry' s Fuel and more. At the intersection you can also find 99 Cent Only, Walgreens, and Chase Bank.

Jesse Goldsmith
(602) 735-5217

Steve Julius
(602) 735-5216

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