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Mirage Oasis Center sold to San Diego investor

Mixed-use retail assets attracting investors

PHOENIX – Colliers in Arizona represented the sale of Mirage Oasis, a retail center located at the southeast corner of Greenway and Dysart roads in El Mirage, Arizona. Ty Odeh, a San Diego-based investor purchased the main property while the two pad parcels at the plaza were sold to a separate investor.

“An interesting component of this sale was that one-half of the tenancy was occupied by Reveal Vineyard Church, which was recovering from the initial impact of the pandemic when they were restricted from in-person services,” says Mindy Korth, executive vice president of Colliers in Arizona. “With the opening of Loop 303, and the hyper-growth of residential units, there is an extreme shortage of locations for medium-sized congregations. Thus, throughout the far northwest valley almost every business park, and many strip centers have at least one worship center tenant. The buyer realizes this is a viable use and good credit for this type of space.”

Regal Properties of San Diego, represented by Maha Odeh-Arnold, purchased the center from IIP Oasis, an investment managed by Insight Investment Partners, a Henderson, Nevada real estate investment firm. Local investor ROI Mentor, LLC purchased two pad parcels situated on the 2.03-acre site and is now offering them for ground lease or build to suit. Korth and JK Jackson of Colliers in Arizona handled both sale transactions, and Jackson will continue to represent the new owners on tenanting the available spaces. 

Mirage Oasis was built in 2009 and contains 25,849 square feet of retail space. The asset was placed on the market as an opportunity to purchase the center and pads together, or separately. The sale was highly successful, achieving 99 percent of the seller’s asking price. The center was 95 percent leased at the time of the sale, featuring Reveal Vineyard Church and eight additional retail tenants.

About Colliers
Colliers (NASDAQ, TSX: CIGI) is a leading diversified professional services and investment management company. With operations in 67 countries, our more than 15,000 enterprising professionals work collaboratively to provide expert advice to real estate occupiers, owners and investors. For more than 25 years, our experienced leadership with significant insider ownership has delivered compound annual investment returns of almost 20% for shareholders. With annualized revenues of $3.0 billion ($3.3 billion including affiliates) and $40 billion of assets under management, we maximize the potential of property and accelerate the success of our clients and our people. Learn more at corporate.colliers.com, Twitter @Colliers or LinkedIn.

Colliers in Arizona has served clients locally and globally for more than 40 years.
 

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Mindy Korth

Executive Vice President

Phoenix

As an executive vice president of investment services with Colliers, Mindy Korth is accomplished in all sectors of the investment real estate community, including office, medical office, retail, datacenters, high-finish industrial, commercial land and unique projects across metropolitan Phoenix and nationally. Mindy leads an investment sales team that includes Jenny Bassett, real estate analyst; Kelsey Robinson, client services coordinator; and Alyssa Smith, client services coordinator.

Mindy is focused on identifying investment opportunities, executing client strategy, establishing relationships between parties, and coordinating property financial analysis and due diligence. Her wealth of industry, market, property and financial intelligence provides clients with the information they need to make informed decisions and complete successful investment transactions.

She has completed transactions totaling more than 25 million square feet, and more than $3.2 billion in value.

Throughout her career, Mindy has been involved in each aspect of real estate, including new and rehab development, financial structuring deals in capital markets, leasing, management, site selection, network planning, acquisitions and dispositions programming, financial analysis and underwriting.

As a 40-year veteran of commercial real estate services and alum of CBRE/Trammell Crow Company, Mindy’s previous positions include Financial Manager, Director of Property Management and Certified Public Accountant at a Big 8 Firm.

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John Jackson

Vice President

Phoenix

As associate vice president for retail services with Colliers, John (JK) Jackson specializes in the sale and leasing of retail properties, representing landlords, tenants and investors. He has completed transactions on behalf of tenants and landlords for retail shopping centers, neighborhood centers and standalone properties.

JK has the proven ability to achieve results for clients through comprehensive market strategies, long-range planning, identifying opportunities to increase cash flow and developing solutions for excess vacancy. A consummate professional, he thoroughly analyzes the financial details of each transaction to ensure his clients' economic and business objectives are met. He carefully crafts leases to support growth, minimize risk and protect investments.

As an experienced leasing broker, JK brings a dynamic and innovative prospecting style to the table. He targets quality tenants that represent the least risk and complement the tenant mix of each property. He works diligently to match tenant requirements and available space to support location decisions. Through market research, demographics and traffic analysis, JK helps tenants make strategic decisions to support their long-term plans.

His experience spans 13 years as a commercial real estate agent in Greater Phoenix, focusing on retail properties. Prior to joining Colliers, he was an associate vice president with Velocity Retail Group in Phoenix, where he represented landlords and tenants in the leasing of retail properties and worked closely with development services to identify and sign tenants to new projects. Previously, JK was a senior associate with Rein & Grossoehme Commercial Real Estate, specializing in landlord and tenant representation.

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