A joint venture managed by Crow Holdings Capital has purchased The Shops at Sossaman, a 34,151-square-foot neighborhood shopping center in Mesa, Ariz., for $8.1 million. Abington Emerson Investments was the seller and Newmark brokered the transaction.
Abington acquired the property back in 2017 for $3 million, according to CommercialEdge data. At the time of the purchase, the asset’s occupancy was only 37 percent.
Completed in 2002, The Shops at Sossaman is now 100 percent leased to a diverse tenant mix of tenants such as Banner Health Physical Therapy, East Valley Pet Urgent Care, Empower Academy and Crave Pizza.
A Newmark team led by Steve Julius represented the buyer. Renee Shprecher of Buchalter represented Abington Emerson.