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California firm acquires Superstition Gateway center amid retail sector strength

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One of Mesa’s premier shopping centers traded hands on April 23 and recorded the highest sale price for a Valley retail shopping center since 2022.

Desert Troon Cos. sold Superstition Gateway Shopping Center for $121 million in an off-market transaction on April 23, Lee & Associates told the Business Journal. It marks the metro's largest shopping center sale since Scottsdale Promenade changed hands for $180 million in August 2022.

California-based Alvarez & Marsal Capital Real Estate acquired the 495,000-square-foot retail center, according to a Vestar announcement.

Read more of this story from the Business Journal.