PHOENIX – March 24, 2017 – Abington Emerson Investments, LLC acquired Shops at Sossaman Retail Plaza (“Sossaman” or “Plaza”) located at 7641 E. Guadalupe Road in Mesa, Arizona.
The ± 34,294 square foot Plaza was built in 2002, has great curb appeal, regional and national tenants in place and is shadow anchored by CVS and Autozone. Sossaman and its tenants benefit from close proximity to the major area freeways and growing upscale residential neighborhood. Meanwhile, Mesa and surrounding cities are attracting new high-tech employers like Apple, Inc. and Intel, Inc who recently announced their intent to build or expand facilities in the area. Despite positive demographic and area fundamentals, Sossaman is only 37% occupied which presents an immediate upside potential. Abington Emerson’s plan for the property includes updating, increasing occupancy and stabilizing within 2 to 3 years.
“We are very excited about the Sossaman acquisition and confident that under Abington Emerson’s management, the Plaza will transform into a popular and fully-occupied neighborhood center,” commented Brent Howard, responsible for acquisitions in the Southwest region.