San Diego-based Global Building Inc. has paid $4.3 million to acquire Chandler Mercado, an 83,277-square-foot retail center in Chandler, Ariz.
Constructed in 1986, the center is shadow anchored by a PGA Tour Golf Superstore.
While the property is currently only 35 percent leased, Global Building plans to provide nearly $1 million in capital upgrades and tenant improvements to the retail center.
Strategic Retail Group will represent Global Building in leasing approximately 24,000 square feet of junior anchor space, a freestanding restaurant and other in-line space to create value and a return on the investment.
“We are excited about the Chandler Mercado acquisition,” stated Tucker Lewis, Global Building CEO. “We like investing in anchor shadowed retail centers due to the long-term stability of the anchor and the customers that it attracts. The existing tenancy combined with the planned renovation will make the center very attractive to additional tenants.”