Continental Plaza, a 37,400 SF retail shopping center at
855 W. University Dr. in Mesa sold for $1,612,500 or $43.11 per SF. The
transaction closed on November 14. The neighborhood center was over
70 percent leased at the time of sale.
Lee & Associates principals, Jan Fincham and Pat Dempsey completed
the deal on behalf of both seller and buyer. The seller was Kodash, Inc.
of Costa Mesa, CA and the buyer was Geyser Development of Tempe.
Geyser is also currently under contract to purchase the adjacent empty
Fry’s Food Stores building and has secured a tenant to occupy half of the
50,000 SF space.
The multi-tenant center sits on 3.58 acres at the intersection of
University Dr. and Extension Rd. and features a varied tenant mix such as
O’Reilly Auto Parts, Farmers Insurance and H & R Block.