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.