Investment Summary
Gallery Plaza is on Southern Avenue just east of Mesa. We closed on the land in May of 2005 and it took 8 months to rezone the property from residential to C1, develop plans for a multi-tenant retail & office building and get qualified for a Development Incentive Permit which gave us some relief on setbacks and building height. The City of Mesa and the surrounding neighbors and businesses have been very supportive and excited that this land is finally being used for a professional infill project. We broke ground in late February, 2006, and will complete construction in late August, 2006. We expect to begin our leasing efforts in the spring of 2006 and have full occupancy by the end of 2006. Gallery of Fans and Lighting will occupy 6428 of 9083 square feet on the ground floor and Value Added Investments will occupy 1000 of 3800 square feet on the 2nd floor; for a total of 58% of the available lease space. Gallery of Fans and Lighting began its operations at the southwest corner of Gilbert & Southern (3/4 mile away) in 1983 and moved to its current facility (2 doors west) in 1989. The original owners were retiring and we purchased the business in September, 2001. Over the last 4 years we expanded the product offerings and have outgrown our current facility. The new building will give us the additional space we need to grow in the coming years. And, the facility will attract similar and complementary retailers and professional tenants. Close proximity to freeways and other shopping makes it an excellent location. We are looking for lenders/investors to help us with the equity stretch for the project. If you are interested in further details about this investment opportunity please download the PDF here. |
