LINDSAY CORNERS
NWC Main & Lindsay, Mesa, AZ
| Price | $1,235,000 | ||
| Size | 25,181 SF | ||
| Price per SF | $49 | ||
| Cap Rate | 6.62 (A) | ||
| Occupancy | 73% | ||
| Year Built | 1987 |
(A) = Cap rate based on actual income at stated occupancy
This is a high visibility center on the hard corner that had a bit of an identity crisis. It looks a lot like an industrial building so the buyer plans to do some remodeling to make it look more like a shopping center. Sherwin Williams Paints has been there for a long time and was a good tenant to build around. A freestanding automotive pad was also included. A couple of the existing leases were at very low lease rates and were an additional source of upside. A small piece of excess land suitable for expanding the parking lot or building a warehouse was also included.
