Colliers Transacts Sale of 13.72-Acre Class A Shopping Mall Property
- Nov 26, 2014
By Balazs Szekely, Associate Editor
The Dove Mountain Centre shopping mall changed hands recently. The Colliers International team representing the seller included Executive Vice President Mindy Korth and Vice President Kirk Kuller of the company’s Greater Phoenix arm. Paul Schloss of Bourne Advisory Services, LLC represented the buyer in the transaction.
Built in 2006 with mission-styled architecture and upscale design features, the 82,450 square-foot Class-A retail asset is situated on 13.72 acres of land at 12080 N. Dove Mountain Blvd in Marana. At time of sale it boasted 86 percent occupancy with a vacant 54,343-square-foot anchor space. Long-term tenants leasing space at Dove Mountain Centre include a real estate agency, medical center, hair salon, cleaners and two upscale restaurants.
“This is an exquisitely built shopping center within a world-class, master-planned golf community,” said Mindy Korth according to AZRE, “The new owner is taking a long-term view of the outstanding quality of this location and improvements, and is eager to become actively involved in the continued success of this important center,” she added.
Due to its location at the northeast corner of Dove Mountain Blvd and Tangerine Road – right at the main entrance to the Dove Mountain masterplan – the upscale shopping center caters to the surrounding communities that include a number of resort-style multifamily assets and custom homes as well as 81 holes of championship golf and the Ritz-Carlton Dove Mountain. The area benefits from strong traffic, good visibility, easy parking and a growing population.
Image source: Google Maps