Garden Ridge LP has acquired the Superstition Triangle shopping center, located at the northwest corner of Baseline and Greenfield Roads in Mesa, AZ, from AHF Partners LLC, through its court-appointed receiver, Trident Pacific Real Estate Group, Inc.
The 163,892-square-foot retail center is located on 12.75 acres. The big-box anchor space totals 144,500 square feet, and was originally built for K-Mart but remained un-occupied until American Home Furnishings took the space for several years before closing. The sale also included the 10,121-square-foot strip building and a restaurant.
The buyer, a Texas-based investment group, hopes to bring the first Garden Ridge store in the western U.S. to the big-box location. The acquisition marks one of the largest big-box retail transactions in the state since 2006.
Patrick Willis, vice president of real estate for Garden Ridge, said "We are pleased to be entering the Arizona market with our retail concept after several years of analysis on the marketplace. The store is unlike any other retailer currently in the market with so many home decorating options under one roof."
Darren Pitts with Velocity Retail Group LLC represented the buyer in the sale. Michael Hackett and Ryan Schubert with Cassidy Turley BRE Commercial represented the seller.
Please see CoStar COMPS #2489904 for additional information on this transaction.