South Mountain Plaza
CVP acquired this 26,341 square foot neighborhood retail center in March of 2014. Regency Centers Corp (REG:US) developed the project located on the southwest corner of 16th Street & Southern Avenue in Phoenix, Arizona. We assisted with the pad sale and development of a new Risas Dental & Braces building on the property.
The key elements of the business plan include a robust maintenance program, hiring professional property management and leasing experts, and converting several gross leases to triple net leases. Our key tenants include Rent-A-Center, Mid K Beauty, Metro PCS and Rodney D. Young Insurance.
Arcadia Management Group heads up the property management efforts for the asset while Beau Flahart, Rommie Mojahed, and Eddie Gonzalez of SVN Desert Commercial Advisors have the leasing assignment. Tim Storey and Chad Metzger from Newmark Realty Capital facilitated a loan assumption with The Standard Insurance Company. Dave Murphy and David Bernstein at Bernstein Murphy represented CVP on this acquisition.