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| William Shopoff |
IRVINE, CALIF. – March 9, 2015 – Shopoff Realty Investments
announced today that the company has sold Augusta
Ranch Marketplace, an 80,247-square-foot grocery-anchored shopping center,
as well as an adjacent developable pad, in Mesa, Arizona.
The property was sold to an undisclosed investor for $14.05
million, with returns that exceeded projections and a holding period of 18
months.
Constructed between 2005 and 2006, Augusta Ranch Marketplace
is anchored by Bashas’ grocery store, an Arizona-based chain with more than 130
locations throughout Arizona.
The center is leased to a mix of national and local tenants,
including Great Clips, Sylvan Learning Center, Geno’s Pizza, Fat Willy’s Family
Sports Grill and more.
“When we acquired Augusta Ranch Marketplace it was
undercapitalized and in dire need of new ownership management,” said William Shopoff, President and CEO of
Shopoff Realty Investments.
“We specialize in value-add opportunities and pride
ourselves on turning around underperforming properties like Augusta Ranch, so
it was an ideal investment opportunity for our team.
 |
| David Placek |
“Now, just 18 months later, we’ve recapitalized the
property, improved tenancy and have created meaningful value for our investors
– it’s a home run.”
David Placek,
Executive Vice President of Shopoff Realty Investments’ Commercial Properties
Division added, "Another way we transformed opportunity into value with
this asset was working with the city of Mesa to prepare the adjacent vacant pad
for development, and leasing a portion of the pad to a franchisee of Dairy
Queen for 20 years, realizing additional untapped upside."
For additional information, please visit www.shopoff.com
or call (844)
4-SHOPOFF.
For a complete copy
of the company’s news release, please contact:
Jill Swartz
Spotlight Marketing Communications
(949) 427-5172 ext. 701
(949) 485-1552 Cell
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