Big news in the East Valley retail market: one of Mesa’s largest and most iconic shopping centers just sold in a high-profile deal.
Key Highlights:
- Sale Price: $121 million — the highest retail center sale in metro Phoenix since 2022.
- Buyer: Alvarez & Marsal Capital Real Estate, based in California.
- Seller: Desert Troon Companies, the original developer since 2007.
- Size & Scope: 495,000 square feet, 97% leased, spanning 65 acres with 19 parcels.
- Location: Just south of US-60 at South Signal Butte Road in Mesa.
- Tenants Include: Walmart (anchor), AMC Theatres, In-N-Out, Kohl’s, LA Fitness, Michael’s, and Old Navy.
Why It Matters for Investors:
- Retail real estate in Phoenix is rebounding, with strong fundamentals and limited new supply.
- The center’s near-full occupancy and long-standing tenant mix made it a prized asset.
- A $77M CMBS loan was assumed by the buyer — showing continued confidence in stabilized retail despite past office sector woes.
- Mesa continues to be a magnet for investment due to population growth, affordability, and business-friendly policies.
Takeaway for SFR Investors: This sale is a bullish signal for retail-adjacent neighborhoods in Mesa. With high foot traffic and long-term tenant stability, nearby single-family rentals may benefit from increased demand and rising property values.