SVN Desert Commercial Advisors, Justin Horwitz and Paul Borgesen III were a part of another great sale transaction for their client. The half-acre parcel is located just south of the southeast corner of Alma School and Southern, at 1305 S. Alma School Rd., which sold for $1,550,000 to a retail development group, Single Tenant Retail, LLC.
The deal consisted of a free standing building in the heart of the reemerging Fiesta District in Mesa, AZ. The drive-through building was previously utilized as a dental office however the retail development group comes with a great amount of experience in the area and plans to bring yet another strong retailer to the corridor.
“We are excited to have had an opportunity to have brought this deal to a close,” Horwitz stated. “After a lengthy marketing process, we were finally able to find the ideal developer for this particular site and we are anxious to watch this site transform into a prominent development along the corridor.” California buyer, Stephen Park with Single Tenant Retail, LLC will begin making plans for their new building immediately.
The seller, David Hasslo with DH Star, LLC will immediately begin identifying 1031 exchange opportunities priced anywhere upwards of $8mm. Only value-add opportunities will be considered which can include well located parcels of land and existing structures.