Newport Beach, CA (October 24, 2023) – SRS Real Estate Partners announced today it has completed the $4.4 million sale of a three-tenant, 7,107-square-foot (sf) 100% leased retail property occupied by Point 22 Tavern, Rio Nail Bar, and Bosa Donuts. The property was completed in summer 2023 and is situated on .85 acres at 9248 E. Cadence Parkway in Mesa, AZ.
SRS Capital Markets Matthew Mousavi, Patrick Luther, Ed Beeh, Mike Polachek, and Stephanie Davis represented the seller, Thompson Thrift Commercial. The buyer, who was in a 1031 exchange, was Choe Harding LLC. The closing cap rate was 5.99%.
“The fully occupied property features state-of-the-art construction and provides a steady cash-flow with minimal landlord responsibilities for the new ownership,” said Luther, a Managing Principal with SRS. “The City of Mesa continues to grow and experience demand for retail as jobs and population numbers see consistent expansion.”
The asset is part of Arrival at Cadence, a 16.45-acre shopping center with more than 20 businesses. It is also adjacent to EastMark Community with more than 15,000 residential units and nearly one million sf of retail currently under development. There are a number of nearby major employers including Apple, Meta, and Amazon, among others.
Year-to-date, SRS Capital Markets has completed nearly $2 billion in deal volume comprised of 403 transactions in 43 states. SRS currently has in excess of 660 properties actively on the market with a market value surpassing $3 billion.
About SRS Real Estate Partners
Founded in 1986, SRS Real Estate Partners is building upon its retail foundation to provide extensive commercial real estate solutions to tenants, owners, and investors. Headquartered in Dallas, with more than 25 offices in the U.S., SRS has grown into one of the industry’s most influential and respected leaders. Our commitment to excellence is strengthened by our Guarantee of Value and our success is measured in the achievement of our clients’ objectives, satisfaction, and trust. For more information, please visit srsre.com.