Buckhorn Plaza
171,129 SF | 95% Leased | Retail Building | Mesa, AZ 85205 | $15,000,000 ($88/SF) | 7.93% Cap Rate
For Sale
Active
- Date Added:
- May 17, 2024
- Days on Market:
- 28 days
Asking Price $15,000,000
- Property Type
-
Retail
- Square Feet
- 171,129 SF
- Price / Square Foot
- $88
Listing Contacts
Ari Spiro
Verified Profile
Sean Stutzman
Verified Profile
- Property Info
Property Overview
Buckhorn Plaza is a well-maintained ±171,129 square foot center, anchored by multiple National Credit Tenants (all included in this offering). With 43% of the square footage leased to Goodwill, Walgreen’s, Family Dollar, and Jo-Ann Fabrics, the property is stabilized at almost 95% occupancy.
At an acquisition price at $87.65 per square, including 4 freestanding Pad buildings, Buckhorn Plaza is a great value and priced well below replacement cost.
With an average rental rate that is a little over $9 per square foot, Buckhorn Plaza has significant upside in increasing the income beyond its already attractive year one CAP Rate of 7.93%.
Buckhorn Plaza benefits from its strong demographics with over 370,000 residents with a household income averaging over $110,000 within 5 miles and the area is primed to continue it growth as it is in a 3-5 mile proximity to multiple major development and redevelopment areas.
At an acquisition price at $87.65 per square, including 4 freestanding Pad buildings, Buckhorn Plaza is a great value and priced well below replacement cost.
With an average rental rate that is a little over $9 per square foot, Buckhorn Plaza has significant upside in increasing the income beyond its already attractive year one CAP Rate of 7.93%.
Buckhorn Plaza benefits from its strong demographics with over 370,000 residents with a household income averaging over $110,000 within 5 miles and the area is primed to continue it growth as it is in a 3-5 mile proximity to multiple major development and redevelopment areas.
Property Details
- Class
- C
- Year Built
- 1975
- Stories
- 1
- Property Subtype
- Storefront
- Lot Size (sq. ft)
- 727,452 SF
Highlights
- Priced Well Below Replacement Cost at $87.65 per Square Foot
- 7.9% CAP Rate In-Place on Year 1 Income
- 94.7% Leased Center with Strong Mix of Credit Tenants
- 52.5% Leased to Credit Tenants: Walgreen’s, Family Dollar, Jo-Ann’s, and Goodwill
- Upside through Rents (Average Existing Rental Rate $9 NNN)
- 4 Freestanding Pad Buildings Included
Nearby Properties
Similar Properties
FAQ
- How do I add a non-forward facing team member such as a broker coordinator or broker aide to a listing in order to ensure they get notifications on the property?
- Please email our support team at [email protected] and they will add the team member.
- How do I access a private listing?
- Please contact the broker directly with the information provided on the listing. Once the broker approves your credentials he will make the information public to you.
- How can I contact the broker
- We strongly encourage to message the broker through our portal by clicking on the “Envelope” icon next to the brokers photo on the property page. We’ve found brokers response time is much quicker via our messaging portal than phone as brokers are always on the go.
- What is the difference between Tier 1 & Tier 2 in the Due Diligence Vault?
- Documents that are placed in a Tier-1 Due Diligence vault require the execution of a Confidentiality Agreement (“CA”) for access. Documents and folders placed in the Tier-2 vault are intended to have an added layer of security and require the execution of a CA in addition to required Broker approval for access.
- How do I unsubscribe from emails?
- At the footer of each email you will find links to Reduce Email Frequency, Adjust Email Settings or Unsubscribe altogether. If you choose to Unsubscribe and are still receiving emails please reach out to us at [email protected].