Michael A. Pollack Real Estate Investments Closes 2021 With 5 Shopping Center Sales Totaling More than $32 Million
TABLE, Ariz., January 18, 2022 /PRNewswire/ — 2021 will go down 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 1990’s years.
The sales, all made in the fourth quarter of 2021, include the following.
Pollack sold his Trailside Center on Main Street in mesa, Arizona. He owned the center since 1994 and sold it for $2.4 million a few months ago. Like most malls he’s bought over the years, the Pollack Investments owner undertook a complete interior and exterior renovation, bringing the center to 95% occupancy or more before selling it 27 years later.
Over The valley of the sun, Pollack sold his Tower Plaza on Cave Creek Rd. in Phoenix Per $2.4 million in the last two months. Similarly, he has owned the Tower Plaza since 1995 and undertook a complete interior and exterior renovation after the purchase.
Pollack also sold his olive square located at 67th Avenue and Olive in Peoria, Arizona. The 31,700-square-foot center was sold for $4.6 million. He purchased this center in 2003 and during his ownership has brought it to near 100% occupancy.
The most high-profile sale of 2021 was undoubtedly Pollack’s Apache Central Center, which was sold to the City of Tempe, Arizona Per $10.6 million and closed last Wednesday. Pollack has owned the project since 1999. At more than 44,000 square feet, Pollack says City of Tempe will convert the property into a mixed-use center to offer affordable housing and retail.
Pollack’s biggest sale of 2021 was Lindsay Marketplace on Broadway and Lindsay in mesa, Arizona.
The 86,000-square-foot center was sold for $11.2 million and closed last Tuesday. The owners of Pollack Investments acquired Lindsay Marketplace in 1993. While the center was designed ahead of its time, the real estate developer completed construction of the center and eventually renovated the interior.
“These were all opportunistic purchases. We were able to get a great deal on all of these centers when we bought them in the early 1990s-early 2000s. Then we got to work and did what we do best. We renovated them inside and out, and then held on to the centers for many years, increasing occupancy rates to nearly 100 percent and giving communities a center they can be proud of for many years to come,” said Pollack.
As with 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 occupancy rates and values this high in 15 years.
“This was the best year we’ve seen in commercial real estate since 2006 and 2007,” Pollack said. “We sold these properties at exactly the best time on the market.”
Pollack says he’s now focused on his existing portfolio, which consists of owning and operating more than 3 million square feet of shopping malls and industrial parks Arizona and California. He says there aren’t any current projects he wants to buy right now, but that’s fine. Pollack, like many real estate investors and developers, is waiting to see what federal agencies do and how tax laws and codes will be structured in the years to come.
His mesa-based company is also ending one of the strongest years in terms of sales in the leasing sector. In 2021, Pollack Investments set new internal records for leases and lease renewals.
“This year alone I’ve signed 750,000 square feet of leases on renewals and new leases,” Pollack said. “We haven’t done anything like this since 2006.”
For more information, visit www.pollackinvestments.com or call (480) 888-0888.
For media inquiries about Pollack Investments or to arrange an interview with Michael Polack, Phone call Jennifer Parks-Sturgeon at 480.495.3806 or email [email protected].
Contact: Jennifer Parks-Sturgeon
Rose+Allyn Public and Online Relations
Phone: 480.495.3806
E-mail: [email protected]
SOURCE Michael A Pollack Real Estate Investments
