PALM COURT PLAZA ACQUISITION

A company formed by West Coast Commercial, a Real Estate Development company (Todd M. Lytel, Principal), paid $1,125,000, just under $22.00 psf, to purchase the former Velda Rose Shopping Center in Mesa.  The deal was closed in seven days. The shopping center, conveniently located at 5604 E. Main Street, Mesa, combines more than 51,154 square feet of retail and office space sitting at the heart of the Red Mountain Retail Corridor.  West Coast Commercial is a privately held commercial real estate development company focused on acquiring value-add, distressed and opportunistic commercial real estate within the Phoenix metropolitan marketplace.  The company is located in San Diego, California.

West Coast Commercial is rebranding the former Velda Rose Shopping Center now called “PALM COURT PLAZA.”

The objective is to revitalize the property to accommodate a broad range of tenant leasing requirements and capitalize on pent-up demand for affordable space.  The property is well positioned to attract tenants pursuing a flight to quality.  Currently, the property is being repainted, with new landscaping, asphalt paving improvements and exterior modifications to increase curb appeal.  Larger spaces are being demised to provide functional spaces in order to meet current demand.  Plans for the property include, offering flexible leasing terms and space delivered in increments as small as 2,500 square feet, to as large as 15,580 square feet for an anchor tenant.

 

Palm Court Plaza offers prospective tenants the opportunity to lease space at significantly below market rental rates, in a newly upgraded retail shopping center, in a growing marketplace. The heavy concentration of existing and newly developed housing surrounding the project, combined with strong daily traffic counts, makes this an ideal location. This attractive and functional property is located on Main Street, in front of William Lyon Homes’ new 228 home development “Albany Village.”  Lytel said, “We are proud to be a part of East Mesa’s revitalization process and see tremendous growth potential reverberating throughout the community.”

 

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