US - Lubbock, TX
A$15,186,000 | 6,548 m²
Jones Lang LaSalle Americas, Inc. (“JLL”) has been engaged as the exclusive advisor to extend to qualified investors the opportunity to acquire Superstition Springs Power Center (“Property”) The 51,285 sq. ft. shopping center is 100% occupied and located at the southeast corner of Superstition Spring Blvd. and Power Rd. in Mesa, AZ. The Property is part of the larger Regional Power Center consisting of over 285,000 sq. ft. and is anchored by Best Buy (N.A.P.), Burlington Coat Factory (N.A.P.), and Ashley Furniture (N.A.P). Adjacent to the Property is Superstition Springs Mall, a 1.2 million sq. ft.
Superstition Springs Power Center presents the opportunity to acquire a value-add shopping center at a significant discount to today’s replacement costs.
Opportunity to Drive Value through Re-Tenanting:
The short-term leases currently in place allow for flexibility of lease-up. Potential Investors have the opportunity to replace the below-market, gross leases and achieve outsized returns.
Long-Term Security with Neighboring Anchors:
Walmart, Burlington, and Ashley Furniture all own their own parcels, providing investors’ confidence these major retailers are invested into the trade area for the long-term. These anchors provide consistent foot traffic and consumer shopping patterns for years to come. Walmart's sales in 2021 were in excess of $85 million.
Regional Mall Proximity:
Superstition Springs Regional Mall has 1.2 million sq. ft. of retail and attracted over 4.5 million customers in the last year. The family-oriented Regional Mall caters to a diverse audience with a strong mix of national brands and departments stores. Superstition Springs Power Center is a direct beneficiary of this regional foot traffic. The Regional Power Center pulls customers from over an 85-square mile trade area (per Placer.ai).
Significant Discount to Replacement Cost:
Superstition Springs Power Center is being offered at a significant discount to today’s replacement costs. A new owner will have the ability to re-merchandise the northern anchor with a variety of potential uses.
Infill, High Traffic Location in a Dense Trade Area:
The Property is strategically located in the heart of the East Valley and serves major cities such as Mesa, Chandler, Gilbert, Tempe, Apache Junction, Queen Creek and San Tan Valley. The property also has excellent accessibility to the Superstition Freeway (over 228,000 VPD).