- For sale
Investment opportunity to acquire Mirage Oasis, a ±25,849-square-foot retail center on ±2.82 acres at 13011 and 13015 W. Greenway Road in El Mirage, Arizona. Two vacant retail pads are also available, totaling ±2.03 acres.
Asking price for the retail center is $5,654,000 ($219 per square foot). Capitalization rate is 7.25 percent.
Middle Pad price is $165,000. South Pad price is $150,000. Total price, including two pads, is $5,969,000.
Located on the southeast corner of Greenway and Dysart roads, at the border with the city of Surprise, this center serves a young, working community, with a variety of amenities, such as a takeout pizza restaurant, donut shop, Carniceria, nail salon, and dentist. A jiu jitsu academy and Asian fusion restaurant recently committed to the property, leaving one small vacancy.
The shopping center is in the process of also adding an urgent care center, general practitioner, chiropractor and other essential neighborhood services.
The attractive, upscale-designed buildings were constructed in 2009, and include generous walkways, easy vehicular access and parking, as well as ample opportunities for tenant signage on both Greenway Road and Dysart Road, a major gateway to the explosive growth area of the city of Surprise.
In addition to a 95 percent occupied retail center, which is leased at rates significantly below its cohort group of other retail centers, the offering can include two vacant retail pads, a value-add component to create significant future upside. This is a rare, value-add opportunity that offers investors a combination of upside through leasing the remaining space; and significant additional opportunity through future development, ground lease, or sale of the two pads.
By purchasing based upon the in-place NOI from 95% occupancy, the investor can rely on the stable in-place revenue that is spread among nine different businesses, with a weighted average lease term of more than five years, while continuing to grow their cash flow and improve their yield through leasing the remaining vacant space; and increasing the below market rental rates as the leases renew.