Phoenix Commercial Advisors announced the closing of the Shops at Gateway Plaza, Tuesday. The shops, located on 1.08 acres on the southeast corner of Power and Ray roads at 5371 S. Power Road, Mesa, Ariz., sold for $3,050,000 or $467.08 per square foot.
The 6,530-square-foot building was 100 percent leased by Lance Umble at Phoenix Commercial Advisors with a mix of local and national tenants, including Sports Clips Haircuts, Black Rock Coffee Bar, Lotus Nails & Spa and Los Favoritos Taco Shop. Steven Underwood and Chad Tiedeman at Phoenix Commercial Advisors represented the seller, KW Power & Ray, LLC, in the transaction of the newly constructed shops, built in 2017. The transaction is one of 25 retail investment property sales to-date for the Phoenix Commercial Advisors’ Investment Team in 2017.
Formed in 1994, Phoenix Commercial Advisors is a commercial real estate services company. The company specializes in retail commercial brokerage in Phoenix, Tucson, and surrounding Arizona communities, providing leasing, tenant representation, development, investment and redevelopment services to local and national retailers and property investors. Offering the expertise of nearly 250 combined years of experience, Phoenix Commercial Advisors is also member of ChainLinks Retail Advisors, the premier national retail platform connecting elite brokerage companies across the top 50 North American markets.