- 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
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.
Larkspur submitted its re-development plan to the City of Mesa which called for upgrading the façade on the 21,000 square foot retail building and the 15,000 US Renal building, creating of two restaurant drive-thru option outpads and the addition of a new 70,000 square foot self-storage facility. The plan was approved by the Mesa City Planning Commission in January 2020 and Larkspur is presently finalizing its construction and design plans.