SimonCRE has completed the purchase of a 40,256-square-foot multi-tenant retail shopping center in San Luis, Arizona. San Luis is located 20 minutes south of Yuma and right on the border of Mexico.
“This is an excellent value add shopping center with a strong national tenants but one that has struggled because of high vacancy and an absent landlord,” said Joshua Simon.
The shopping center is only 61% leased but Simon said they are in negotiations with several retailers to fill the vacant space. “We are looking to invest close to $1 million on improvements to the center within the next 45 days to accommodate new tenants,” added Simon.