Mercado
- Date Acquired: July 2019
- Location: Mesa, AZ
- Asset Type: Mixed-Use Retail/Medical Office Plaza
- Post Acquisition Strategy: Re-Development into Retail, Medical, Restaurants, and Storage Use
About this Property
Background
In July 2019, Larkspur acquired a 70,000 square mixed-use center that had 20% occupancy in Mesa, AZ. The property suffered from the long decline of retail occupancy in the “Fiesta District” of Mesa. The property, however, was located in a dense residential area with over 150,000 people in a 3-mile radius as well easily accessible from the 101 and 60 freeways, both major highways in the metro Phoenix area.
Results
In response to the COVID pandemic, Larkspur shelved it’s redevelopment plan and instead sub-divided the property to provide for a corner out-parcel and office condominium units. Larkspur is in the process of selling off the units and land parcel.
