Valley real estate investor Pollack sells 5 shopping centers; makes way for affordable housing
PHOENIX — Five shopping centers around the Valley have sold, with one in Tempe making way for affordable housing and retail.
Michael A. Pollack Real Estate Investments finalized the sale on two centers in Mesa and one in Phoenix, Peoria and Tempe in the fourth quarter of 2021, with sales totaling more than $32 million, the real estate investor announced in a press release Thursday.
Most of the centers had been in Pollack’s portfolio since the 1990s and sold for $2.4-to-$11.2 million, the release said.
“This has been the best year we’ve seen in commercial real estate since 2006 and 2007,” Pollack said in the release.
“We sold these properties at precisely the best time in the market.”
The city of Tempe closed on the purchase of Pollack’s Apache Center on Apache Boulevard and McClintock Drive last Wednesday and previously said it will use the three-acre site to expand affordable housing and add a grocery store.
The largest sale for Pollack was an East Valley location off Broadway and Lindsay roads in Mesa, which topped $11.2 million and closed last Tuesday.
Other shopping center closures are located near 67th and Olive avenues in Peoria, Cave Creek and Cactus roads in north Phoenix, and Baseline Road and Country Club Drive in Mesa.
For the Mesa-based company, it’s also been one of the busiest years in terms of leasing, as it set records for leases and renewals.
“This year alone on renewals and new leases I signed 750,000-square-feet of leases,” Pollack said in the release.
“We haven’t done anything close to that since 2006.”