3rd Mesa strip mall in a month changes hands
Mar. 8—A third Mesa shopping center has changed ownership in the last three weeks.
Phoenix-based Hinkson Company paid $10.6 million for Northpoint Village, 1042-1150 N. Higley Road near E. Brown Road, Valley real estate tracker vizzda.com reported last week.
Built in 1989 on 12 acres, the center consists of three buildings totaling 113,518 square feet anchored by a Basha's and Ace Hardware.
The center sits across Brown Road from the 435-home Copper Crest community that KB Homes opened nine years ago.
A sales brochure for the strip mall lists its current occupancy rate at 67% with about 36,000 square feet of vacant retail space, though it also noted that Ace recently renewed its lease for another 10 years and that the supermarket had been undergoing a $1 million renovation.
The brochure also noted that the prospects of the site facing any serious competition in the near future were remote at best, noting, "Rising construction costs and existing market rental rates have made it unfeasible to develop competing retail product."
The brochure also touted, "Tenant roster includes internet resistant service, home repair, medical, pet care and casual restaurants."
Hinkson Co. is no stranger to the Mesa retail scene.
The 18-year-old company boasts of owning, developing and redevloping 14 shopping centers totaling 3.5 million square feet across the southwestern United States.
"We specialize in retail, with the development of such notable, award-winning shopping centers as Superstition Gateway, consisting of approximately 900,000 square feet of entertainment and regional shopping anchored by Walmart and Kohl's, located in Mesa," it notes, also citing Santan Gateway, a 600,000-square-foot retail center in Chandler.
It also boasts "long-term relationships" with a number of big-box retailers.
Two other Mesa strip malls that changed hands last month:
Two Utah businessmen bought the Marketplace at Signal Butte, on the southwest corner of Signal Butte Road and Main Street, for $8 million, vizzda.com reported.
And a Calabasas, California, contractor purchased the largest building in the Superstition Springs Power Center at 6315 E. Southern Ave. near Power Road for $3.85 million, according to vizzda.
