Overview

Description

Lee & Associates Commercial Real Estate Services Company (“Exclusive Broker”) is pleased to present a rare opportunity to acquire The Pomeroy Building, a ±10,600 SF, ±56% leased, historic retail building in the historic commercial district of Downtown Mesa. Originally constructed in 1891, The Pomeroy Building is positioned on a corner lot and was one of the first buildings with electricity in Mesa. Located at 136 West Main Street, Mesa, AZ (the “Property”). The Property is leased to a dynamic mix of tenants with retail on the first floor and a mix of office uses on the second floor. A creative investor may choose to increase the current yield through lease up and market renewal rates or may look a retrofit suited for a variety of different users. This opportunity gives qualified investors the chance to acquire a historic, value-add asset in the reviving submarket of Downtown Mesa with immediate upside.

• Rare opportunity to acquire a high-profile retail / office building in Mesa’s historic downtown core

• Pomeroy family legacy building – records show the building has never been sold since it was originally built in 1891

• Value-add opportunity at 56% occupancy suitable for a variety of retail, restaurant, or office users

• Potential redevelopment or retrofit in a high-density urban location

• There are currently nine (9) new housing (multifamily) projects within a one (1) mile radius of the Property

Location

Located in one of Arizona’s oldest and largest historic commercial districts, The Pomeroy Building is part of the ‘town square’ where locals and tourists congregate. Downtown Mesa is the upcoming urban redevelopment center in the Phoenix-Mesa metro area. There are currently twelve (12) projects in Downtown Mesa that are currently in development which surround the Property (see Page 19). Mesa is also the third largest city in Arizona and has more than 19,800 daytime employees, 3,200 residents, and approximately 2.5 million annual visitors who come to shop, play, learn, and do business. In addition, Downtown Mesa has approximately 36 restaurants, 550 businesses, and 382 hotel rooms, as well as more than 1.3 million-strong labor force located withing a 30-minute drive.

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