Sunday, March 15, 2015

Shopoff Realty Investments Sells Augusta Ranch Marketplace in Mesa, AZ After Stabilizing The Property In Just 18 Months


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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