business

Safeway-anchored Tri-City Pavilions in Mesa sells for $15M

Posted 1/19/21

Tri-City Pavilions, a 94,268-square-foot Safeway grocery-anchored shopping center in Mesa, has been sold for $15 million to HK Real Estate Investment.

Glenn Smigiel, Bob Young and Rick Abraham of …

To Our Valued Readers –

Visitors to our website will be limited to five stories per month unless they opt to subscribe.

For $5.99, less than 20 cents a day, subscribers will receive unlimited access to the website, including access to our Daily Independent e-edition, which features Arizona-specific journalism and items you can’t find in our community print products, such as weather reports, comics, crossword puzzles, advice columns and so much more six days a week.

Our commitment to balanced, fair reporting and local coverage provides insight and perspective not found anywhere else.

Your financial commitment will help to preserve the kind of honest journalism produced by our reporters and editors. We trust you agree that independent journalism is an essential component of our democracy. Please click here to subscribe.

Sincerely,
Charlene Bisson, Publisher, Independent Newsmedia

Please log in to continue

Log in
I am anchor
business

Safeway-anchored Tri-City Pavilions in Mesa sells for $15M

Posted

Tri-City Pavilions, a 94,268-square-foot Safeway grocery-anchored shopping center in Mesa, has been sold for $15 million to HK Real Estate Investment.

Glenn Smigiel, Bob Young and Rick Abraham of CBRE in Phoenix represented the seller, Lamar Companies, in the transaction, according to a release.

On 11.23 acres at the northeast corner of North Main Street and Dobson Road, Tri-City Pavilions was completed in 2000. The property was fully leased to 16 tenants at the time of sale, including Safeway, Truwest Credit Union, My Doctor Now, The Stone, Mesa Barber School and H&R Block, the release states.

“The sale of Tri-City Pavilions was one of the largest retail transactions in the market this year,” Mr. Abraham said in the release. “It is not often that an opportunity arises in Arizona to acquire both a national grocer and its shop space. This resulted in high investor interest in the property.”

The property is surrounded by numerous bus lines and is adjacent to a light-rail transit center.

CBRE Group Inc. is a commercial real estate services and investment firm Go to cbre.com.

Comments