San Diego based, Global Building, Inc., a private commercial real estate investment fund that also provides leasing services for the office buildings it owns, has announced that it has acquired Chandler Mercado, a retail center located at the intersection of East Warner Road and North Arizona Avenue (2014-2081 North Arizona Avenue) in Chandler, AZ for $4.3 million. The transaction closed on November 25th, 2013.
Chandler Mercado was built in 1986 and has approximately 83,277 square feet of retail space. The center is shadow anchored by a PGA Tour Golf Superstore and is currently 35 percent leased. Global Building intends to provide almost $1 million in capital upgrades and tenant improvements to the retail center. Strategic Retail Group will represent Global Building in leasing approximately 24,000 square-feet junior anchor space, a freestanding restaurant and other in-line space to create value and a return on the investment.
“We are excited about the Chandler Mercado acquisition,” stated Tucker Lewis, CEO of Global Building. “We like investing in anchor shadowed retail centers due to the long-term stability of the anchor and the customers that it attracts. The existing tenancy combined with the planned renovation will make the center very attractive to additional tenants.”
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With headquarters in San Diego, Global Building owns and operates multiple properties in California and Arizona and land development holdings in Texas.
