2021 will go down in the books as one of the best years in real estate and for Michael A. Pollack Real Estate Investments, that also meant the sale of five Valley malls, many of which had been part of his portfolio since the early years. 1990.
Sales, which all took place in the fourth quarter of 2021, include the following.
Pollack sold its Trailside Center located on Main Street in Mesa. He had owned the center since 1994 and sold it for $ 2.4 million a few months ago. Like most malls he has purchased over the years, the owner of Pollack Investments completed a complete interior and exterior remodel and brought the mall to 95% or more occupancy before selling it 27 years later. .
Across the valley, Pollack sold his Tower Plaza on Cave Creek Road. in Phoenix for $ 2.4 million over the past two months. Likewise, he had owned Tower Plaza since 1995 and had completed a complete renovation inside and out after purchasing it.
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Pollack also sold its Olive Plaza located at 67e Avenue and Olive in Peoria. The 31,700 square foot center sold for $ 4.6 million. He bought this center in 2003 and brought the center to almost 100% occupancy while he was the owner.
Without a doubt, the most publicized sale for 2021 was Pollack’s Apache Central Center, which sold to the city of Tempe for $ 10.6 million and closed last Wednesday. Pollack has owned the project since 1999. At more than 44,000 square feet, Pollack says the town of Tempe will redevelop the property into a mixed-use center to provide affordable housing and retail.
Pollack’s biggest sale in 2021 was Lindsay Marketplace on Broadway and Lindsay in Mesa.
The 86,000 square foot center sold for $ 11.2 million and closed last Tuesday. The owner of Pollack Investments purchased Lindsay Marketplace in 1993. Although the center was designed in advance, the real estate developer completed construction of the center and ultimately renovated the interior.
âThese are all opportunistic purchases. We were able to get a good deal on all of these centers when we bought them out in the early 90s through the early 2000s. Then we got down to business doing what we do best. We renovated them inside and out, then kept the centers for many years, bringing occupancy rates to nearly 100% and giving communities back a center they could be proud of for many years to come. years to come, âPollack said.
Like most of his sales, Pollack says he always leaves money on the table for the next owner, but it was time to sell. Pollack says he hasn’t seen any occupations and has valued this level for 15 years.
âThis has been the best year we’ve seen in commercial real estate since 2006 and 2007,â Pollack said.
âWe sold these properties at precisely the best time in the market. “
Pollack says he is now focusing on his existing portfolio, which is to own and operate more than 3 million square feet of shopping malls and industrial parks in Arizona and California. He says there are no current projects available that he wants to buy at the moment, but that’s okay. Pollack, like many investors and real estate developers, is waiting to see what the federal government will do and how laws and tax codes will be structured in the years to come.
His Mesa-based company is also ending one of the busiest rental years. In 2021, Pollack Investments set new internal records for leases and renewals.
âThis year alone on renewals and new leases, I signed 750,000 square feet of leases,â Pollack said. “We haven’t done anything close since 2006.”
For more information, visit www.pollackinvestments.com or call (480) 888-0888.