Vizzda – March 13, 2014 – In November, Fortress Investment Group had signed an agreement to purchase 53 properties from the Fresh and Easy portfolio for a total of $41.5m. On February 25 we had blogged (LINK) the transaction of 11 of these properties. We have since seen a few more transactions and so we are updating this story.
On March 6, 2014 we tracked the sale of Fresh and Easy store #1047; this store is 13,970 square feet built in 2007 on 1.82 acres. It is located at the northeast corner of Stapley Dr & McKellips Rd in Mesa at 2009 N Stapley Dr. Fortress Investment Group acquired store #1047 for $1.0m or $71.58 per square foot LINK and then resold to Orosco Development for $875k or $62.63 per square foot LINK in sequential transactions.
On March 13, 2014 we tracked the resale of the 1.99 ac commercial lot, planned for Fresh and Easy #1332, from Fortress Investment Group to Jim Shough for $925k or $10.66 per square foot. "Tatum Parkplace" has complete horizontal improvements such as landscaping and parking and currently features Walgreens store #5453. Fortress paid $625k or $7.21 per square foot for this lot on February 21. Mr Shough is the developer of this commercial corner, and former owner of this land, he had previously sold this lot to Fresh and Easy on March 31 of 2010 for $2,080,442 or $23.98 per square foot.
Director of Research