La Gran Plaza Shopping Center

Mesa, AZ

  • Target Annual Cash 9.5%
  • Target IRR 12.2%
  • Target Equity Multiple 1.92x
  • Asset Profile Core
  • Min. Investment $25K
  • Estimated Hold 5-7Y
De Rito Partners Development Inc. Scottsdale, AZ

Retail Property

About this Property

La Gran Plaza is a grocery anchored neighborhood shopping center that wraps around the southeast corner of Stapley Drive and Southern Avenue in Mesa, Arizona. The Property was built in phases between 1986 and 1997 and totals 79,743 square feet on approximately 6.92 acres. The Property underwent extensive renovations, which were completed in 2014.

Located at a high traffic, signalized intersection, the anchor tenant is a well‐performing 52,220 square foot El Super grocery store (“El Super”) that opened in 2015. El Super is owned by Bodega Latina Corporation, a private company that was incorporated in 1995 and is headquartered in Paramount, CA. El Super currently operates 129 stores in California, Arizona, Nevada, New Mexico and Texas.

Key Points

  • At end year 2018 the property will be 96% occupied with the grocery anchor accounting for 68% of the total area. The El Super lease is 15 years, with approx. 13 years remaining.
  • No. 1 Hispanic grocery in the country, strong growth and sales at this location. At only $6.40 per square foot per year in base rent, the El Super occupancy costs are very favorable for this well performing grocery tenant. (estimated 1.6% base rent).
  • The fixed rate loan and stable rent roll offers the investor an opportunity for stable cash flow of a highly desirable retail property type.
  • Internet resistant retail tenant base serving daily needs and personal services.
  • The Sponsor believes that this grocery anchored center provides an attractive risk adjusted rate of return and the managing member is investing $500,000 pari passu with the equity investors in addition to the Sponsor equity of 7%.

Financials

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Offering Financial

Location Details

Mesa, AZ

La Gran Plaza is situated on the southeast corner of Southern Avenue and Stapley Drive. Other retailers at the intersection include: Walgreens, Los Altos Ranch Market, Circle K, Payless, DD's Discounts, and Panda Express. Within a three-mile radius of the property, there are about 59 apartment complexes of 100 units or more, with a total of 13,863 units overall, and a vacancy of 7.0 percent, or 920 units. According to Arizona Regional MLS, home prices in the area are near the average for the Mesa Market.

The Average Household Income is estimated to be $57,743.

Population within a 1-mile radius is estimated to be 18,871, about average density for the Phoenix/Mesa market.The Hispanic/Latino population is estimated to be 55% of the 1-mile radius trade area. An important attribute for the tenant base of La Gran Plaza.

MSA Rank
12
Median Income
$51,847
MSA Population
4,398,762
Population Growth
4.91%

Documents

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Offering Agreement Documents

Frequently Asked Questions

Below are some of the most frequently asked questions about this offering.

The funding deadline is October 30th, 2018.

The first projected distribution is scheduled for January 2019.

Distributions are scheduled to go out on a quarterly basis.

No, this offering is only available to US residents.

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