Michael Pollack says 2021 has been the best year in commercial real estate since 2006
Mesa, Arizona., January 18, 2022 /PRNewswire/ — 2021 will go down in the books as one of the best years in real estate and for Michael A. Pollack Real Estate Investments it also meant the sale of five Valley shopping centers, many of which had been in its portfolio since the early 1990s.
The sales, which all took place in the fourth quarter of 2021, include the following.
Pollack sold his Trail Center located on Main Street in Mesa, Arizona. He had owned the center since 1994 and sold it for $2.4 million few months ago. Like most malls he bought over the years, the owner of Pollack Investments completed a full interior and exterior renovation and brought the center to 95% occupancy or higher before selling it 27 years later .
On the other side The valley of the sun, Pollack sold his tower square on Cave Creek Road. in Phoenix for $2.4 million over the past two months. Likewise, he had owned Tower Plaza since 1995 and carried out a complete interior and exterior renovation after purchasing it.
Pollack also sold his Square of Olives located at 67and Avenue and Olive in Peoria, Arizona. The 31,700 square foot center sold for $4.6 million. He purchased this center in 2003 and brought the center to nearly 100% occupancy during his ownership.
Without a doubt, the most publicized sale of 2021 was Pollack Apache Central Center, which sold to City of Tempe, Arizona for $10.6 million and closed last Wednesday. Pollack has owned the project since 1999. With more than 44,000 square feet, Pollack says the City of Tempe will redevelop the property into a mixed-use center to provide affordable housing and retail.
Pollack’s biggest sale of 2021 was Lindsay Market off Broadway and Lindsay in Mesa, Arizona.
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. While the center was designed ahead of its time, the property redeveloper completed construction of the center and eventually renovated the interior.
“These are all opportunistic buys. We were able to get a lot out of all these centers when we bought them in the early 1990s through the early 2000s. Then we went to work doing what we do best. We renovated them inside and out, then maintained the centers for many years, bringing occupancy to nearly 100% and giving communities back a center they could be proud of for many years to come. years to come,” Pollack 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 occupations and values this high in 15 years.
“It was the best year we’ve seen in commercial real estate since 2006 and 2007,” Pollack said. “We sold these properties at precisely the best time in the market.”
Pollack says he is now focused on his existing portfolio of owning and operating more than 3 million square feet of shopping malls and industrial parks in Arizona and California. He says there are no current projects he wants to buy at the moment, but that’s okay. Pollack, like many real estate investors and developers, is waiting to see what federal authorities do and how tax laws and codes will be structured in the coming years.
His MesaThe London-based company is also wrapping up one of the busiest years for rentals. In 2021, Pollack Investments set new internal records for leases and renewals.
“This year alone, on renewals and new leases, I signed 750,000 square feet of leases,” Pollack said. “We haven’t done anything like it since 2006.”
For more information, visit www.pollackinvestments.com or call (480) 888-0888.
For media inquiries regarding Pollack Investments or to arrange an interview with Michael Pollack, to call Jennifer Parks-Sturgeon at 480.495.3806 or email [email protected]
Contact: Jennifer Parks-Sturgeon
Rose+Allyn Public and Online Relations
E-mail: [email protected]
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SOURCE Michael A. Pollack Real Estate Investments