Mesa, AZ - Cadence at Gateway Shops (A & PB)

Description:

SRS National Net Lease Group is pleased to offer the opportunity to acquire the fee simple interest (land & building ownership) in two 100% occupied, newly constructed, three-tenant retail buildings located in Mesa, AZ (Phoenix MSA). The properties are newly built and looking at completing construction in 2023. All tenants signed at least 7-year leases with options, demonstrating their commitment to the site. Additionally, all tenants operate under NNN leases, limiting expense leakage for future investors. Furthermore, all leases have scheduled rent increases throughout the initial term and the option period, steadily growing NOI and hedging against inflation.

The site is located near the signalized, hard corner intersection of E Ray Road and S Ellsworth Road, averaging a combined 56,700 vehicles passing by daily. The site is
also within immediate distance of the on/off ramp to a newly built State Highway 24 (45,900 VPD) leading to Loop 202 (82,100 VPD), which circles the eastern and southern areas of the phoenix metropolitan area. The subject properties are strategically located along E Cadence Parkway, the main entrance to Candence at Gateway Community. The properties are part of the Arrival at Cadence Community Center, a 16.45 acres shopping center with more than 20 businesses, including Ace Hardware & Garden Center, Mountainside Fitness, McDonald’s, Burger Kings, NextCare Urgent Care, Phoenix Children’s Hospital, and more. Strong tenant synergy increases consumer draw to the trade area and promotes crossover retail exposure for the site.

Cadence at Gateway is a recently developed master-planned community with 1,510 single-family homes and 400 multifamily units, ideally situated in the heart of
the vibrant East Valley Gateway Corridor. Adjacent to EastMark Community, with more than 15,000 residential units occupied and nearly 1 million square foot retail in development, ranking the top master-planned community in the State and the 7th across the nation. Surrounded by a highly dense residential area provides a direct consumer base to draw from. In addition, many industrial developments are also planned around the subject site, including a 1.5M SF Airpark 202, a 90,000 SF Meta data center, and an Amazon warehouse. The Phoenix-Mesa Gateway Airport next to the site further secures a promising future for the surrounding area.