Phoenix – Phoenix Commercial Advisors closed on their most recent sale, Signature Salon Studios, Tuesday, February 13. The property, located on 1.81 acres on the northwest corner of Higley Road and Southern Avenue at 5114 E. Southern Avenue, Mesa, Ariz., sold for $2,750,000. The new 10,480-square-foot building sold at a 6.59 percent cap rate and for $262 per square foot. Signature Salon Studios has a 15-year lease at this location.
Chad Tiedeman at Phoenix Commercial Advisors represented the seller, SSL-MESA, LLC, in this transaction. Daniel Park at Park Industrial Realty represented the buyer, Hyun Joon Lim. The transaction is one of 36 retail investment property sales for the Phoenix Commercial Advisors’ Investment Team in the past 14 months. It is also the third Signature Salon Studios the team has sold for a combined total of $14,350,000.
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.