Irvine, CA -- (ReleaseWire) -- 03/09/2015 --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. 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."
About Shopoff Realty Investments
Shopoff Realty Investments has a 23-year history comprised of more than 100 sponsored investment programs and 526 investments, of which approximately 486 have gone full cycle with an average holding period of 2.7 years. Shopoff Realty Investments and its executive leadership have completed in excess of 5,000 real estate transactions, including the acquisition, management, entitlement and development of more than 10,000 parcels and lots, 50,000 multifamily units, and 5 million square feet of commercial properties, with an aggregate value in excess of $4 billion. For additional information, please visit http://www.shopoff.com or call (844) 4-SHOPOFF.
Investment Track Record as of March 1, 2015. Past performance is not indicative of future results. This material does not constitute an offer to sell or a solicitation of an offer to buy any security. An offer of a security may only be made by the offering document to accredited investors and where permitted by law. Securities offered through Shopoff Securities, Inc. Member FINRA /SIPC, 2 Park Plaza, Suite 770, Irvine, CA 92614, (844) 4-SHOPOFF.