8th Avenue & Alma School
CVP acquired this 86,444 square foot neighborhood shopping center in October of 2015 on the southwest corner of 8th Avenue & Alma School Road in the city of Mesa. The property is a well-located infill center in need of an immediate capital expenditures for aesthetic improvements and a deeper focus on leasing. The demographic nature of this project complements our strategy to engage in Hispanic oriented retail markets.
CVP extended our anchor grocery store lease with Food City and focused on building relationships with our small shop tenants. As part a lease renewal, Food City renovated their space converting the store into a flagship Mesa location. We recently signed deals with Kid’s Haven, Pinnacle Education, Metro PCS, Mesa Medical and Gaby’s Fashion. We’ve achieved 100% occupancy while focusing on leasing spaces to complementary users focused on providing products and services to the Hispanic consumer market.
In addition to our leasing success, we successfully completed a sale of our pad building to Pratt’s Pet and Feed in November 2018. Pratt’s services all kinds of pet owners and breeders. They stock pet foods and supplies, live animals and feed. They’ve been in business since 1936 and this will be their 3rd location. Dan Pratt owns and operates his namesake store as the third generation steward of this local business. We are excited to welcome his occupancy to the 8th & Alma School tenant family.
Arcadia Management Group is heading up the property management efforts for the asset and Beau Flahart, Rommie Mojahed, and Eddie Gonzalez of SVN Desert Commercial Advisors lease the project. Tim Storey and Chad Metzger from Newmark Realty Capital brokered the financing with JCR Capital. Rommie Mojahed and Beau Flahart at Sperry Van Ness represented CVP on this acquisition.