January 17, 2020
Pollack Real Estate Investments ended its 15-year hold on Sun Valley Plaza, a 94,094-square-foot retail property in Mesa, AZ. The center sold to Darryl Senger of Sun Valley Plaza Holdings Inc. for $6.4 million. The property was 96% occupied at the time of the sale.
Pollack acquired the asset in 2004 for $3.1 million, and began renovating it a year later. At the time, the property at 7246-7336 Main St. was 16% occupied, with most of the stores boarded up. These days, tenants include Denim Diamonds, Main Street Antique Mall and Carbajal’s Mexican Restaurant.
Michael A. Pollack, head of Pollack Real Estate Investments, said he wants to reinvest in another value-add project. “This is what we do. We take something that’s been forgotten and not in good shape, and we turn it into something the neighborhood can once again be proud of,” he said.
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