Phoenix, AZ – CBRE has completed the sale [of] Tri-City Pavilions located at the northeast corner of Dobson Road and Main Street in Mesa, Ariz. The ±96,336-sq.-ft., Safeway-anchored shopping center commanded a sale price of $13.1 million ($136 PSF).
Bob Young, Glenn Smigiel, Steve Brabant and Rick Abraham with CBRE’s Phoenix office negotiated the transaction on behalf of the seller, J.G. Management Company of Westlake Village, Calif. The buyer is Fairfield, New Jersey-based Lamar Companies.
“Tri-City Pavilions is an interesting project. It has a prominent East Valley history, and is also playing a key part in the area’s future development,” said Young. “The property was originally developed as Tri-City Mall in 1968 and was anchored by JC Penny, Diamonds Department Store and a Bashas’ supermarket. Subsequently, the mall was demolished to make way for the current Tri-City Pavilions shopping center and a major park and ride center for the light rail system. Additional mixed-use transit oriented development is planned for the area as well.”