PHOENIX – Five shopping centers around the valley have been sold, including one in Tempe making way for affordable housing and retail.
Michael A. Pollack Real Estate Investments has completed the sale of two centers in Mesa and one in Phoenix, Peoria and Tempe in the fourth quarter of 2021, with sales totaling more than $ 32 million, the real estate investor said in a statement Thursday. .
Most of the centers had been in Pollack’s portfolio since the 1990s and sold for between $ 2.4 million and $ 11.2 million, the statement said.
âThis has been the best year we’ve seen in commercial real estate since 2006 and 2007,â Pollack said in the release.
âWe sold these properties at precisely the best time in the market. “
The city of Tempe closed the purchase of the Apache Center from Pollack on Apache Boulevard and McClintock Drive last Wednesday and previously said it would use the three-acre site to expand affordable housing and add a grocery store.
The biggest sale for Pollack was an East Valley location off Broadway and Lindsay Roads in Mesa, which exceeded $ 11.2 million and closed last Tuesday.
Other mall closures are located near 67th and Olive Avenues in Peoria, Cave Creek and Cactus Roads north of Phoenix, and Baseline Road and Country Club Drive in Mesa.
For the Mesa-based company, it was also one of the busiest years in terms of leasing, as it set records for leases and renewals.
âThis year alone on renewals and new leases, I have signed 750,000 square feet of leases,â Pollack said in the release.
“We haven’t done anything close since 2006.”