Pollack sells Center at 100% Occupancy and Purchases next Valley Project at 65% Occupancy
[PHOENIX) –Pollack Real Estate Investments owner Michael Pollack will close 2012 on a high note and doing what the Valley’s most prolific redeveloper does best — reinvesting, redeveloping and revitalizing our long forgotten Shopping Centers.
Pollack will end the year on a high note after he accepted one of several purchase offers at $9.9 Million for his El Monte Plaza, which is currently at 100% percent occupancy and located at the southeast corner of 19th Avenue and Dunlap in North Phoenix.
“It was great to get so many offers, but in the end we wanted to hand the project off to a group that we felt would maintain it the best and keep operating it the way Pollack Investments ran the property the last four years,” said Pollack.
Just four years earlier the center had fallen on hard times when several merchants including a major grocery store chain vacated the shopping center leaving it in disarray at only 25% occupancy.
Pollack determined to clean up the 100,000-square-foot center and revitalize the area, purchased El Monte Plaza and spent more than one million dollars on repairs and renovations. He secured a new grocery store tenant, El Rancho Market and filled other vacant spaces with new tenants.
“This is a text-book example of taking a property that was old and tired and not just doing a simple facelift, but doing major surgery on it. We spent over a million dollars to revitalize the property and now we can deliver it to the new owner absolutely beautiful and 100% occupied. That’s a big accomplishment especially in today’s market,” said Pollack.
But before the year was up, Pollack who currently owns more than 100 active real estate properties across Arizona, Nevada and California decided to re-invest back in the Valley again, this time in Tempe just north of the Loop 202 Red Mountain Freeway at the southwest corner of Scottsdale Road and Hancock at the Union Plaza shopping center.
Monday Pollack purchased the center, which is currently at 65% occupancy, for approximately $2.6 Million.
As always, Pollack says he plans to renovate and revitalize the 38,000-square-foot Tempe Shopping Center and bring its occupancy up.
“We’re very excited about the potential of both this location and this particular property,” said Pollack. We’re confident when we’re finished it will be a project that both the city of Tempe and the local community will find much more attractive and with the anticipated cooperation of the city of Tempe we’re hoping to start the remodeling by the first quarter of next year.”
To get more information about Pollack Investments or to arrange an interview with Michael Pollack, call Jennifer Parks at 480.495.3806 or email Jparks@RoseMoserAllynPR.com.
About Michael A. Pollack Real Estate Investments
Michael A. Pollack has been an institution in the Phoenix commercial real estate market for more than 20 years. Specializing in refurbishing commercial and industrial properties, Michael A. Pollack is one of Arizona’s largest privately held shopping center owners and operators. Michael’s desire to build pride back into run down communities is a catalyst for many of his real estate ventures with the goal of making our Arizona cities better one project at a time.
Michael A. Pollack Real Estate Investments specializes in commercial and industrial property in Phoenix, and will consider any type of real estate investment for potential acquisition. The Pollack Acquisition Team reviews information on community and neighborhood shopping centers, industrial parks, warehouses, single Tenant buildings, free standing buildings, office projects, condominium projects, apartment projects and vacant commercial land throughout the western United States on a daily basis.
In these constantly changing times it is easy to see why so many property owners are interested in teaming up with Michael A. Pollack Real Estate Investments, the leader in commercial and industrial real estate redevelopment in the Phoenix Metropolitan area.
