Lamar Cos., in partnership with Real Capital Solutions, has purchased Mesa Pavilions North and South, two shopping centers totaling 307,417 square feet in Mesa, Ariz. Kimco Realty Corp. sold the assets for $26.8 million, public records show. The buyer financed the purchase of the portfolio with a variable-interest, $27 million acquisition and development loan from CIBC Bank.
Built in 1996, the two assets are located on nearly 29 acres in one of the Phoenix suburb’s busiest retail corridors at the intersection of Power Road and Southern Avenue, across from Macerich’s 919,000-square-foot Superstition Springs Center indoor mall. Mesa Pavilions’ anchor tenants include PetSmart, Floor & Décor and Tuesday Morning, with WinCo Foods and Target as shadow anchors.
Kimco Realty owns more than 400 shopping centers across the U.S. Despite an increase in retailers closing their doors in recent years, demand for physical stores remains strong, particularly in major metro areas.