East Valley Center Sells for $5.8M

Article originally posted on Phoenix Business Journal on March 25, 2015

A Mesa shopping center has sold for $5.8 million.

The Freeway Village was sold to a partnership of a Beverly Hills group called Schneider Family I LLC and Weil Ernst Trust of Mesa.

Boulder, Colorado-based Freeway Village Shopping Center Inc. was the seller.

The center totals 91,400 square feet. The sale translates into $63 per square foot. It is located on the border of Gilbert and Mesa on Stapley drive off of the U.S. 60.

Ari Spiro and Sean Stutzman of Orion Investment Real Estate and Brian Gausden of Western Retail Advisors brokered the deal.

“This transaction was a rare opportunity to buy an intact 7.5 acres with no outparcels at the off-ramp of a major freeway. We are excited to see the new owner, in time, re-energize this highly visible retail property through lease-up and renovation.” said Spiro, president of Orion.