Maricopa Manor to Duke Plaza
Maricopa Manor was listed on Loopnet for $2.6M.
The property had been taken back by the lender (Great Western Bank) who also has a branch onsite. After months of working with the bank, City of Maricopa, Pinal County and legal teams, we completed a lot split to carve off the pad for the bank to retain (with the option to purchase it in the future).
The deal closed in September 2017 at $99/ft for $1.95m. Maricopa Manor was renamed Duke Plaza, a tribute to John Wayne (whos history with the area that stretches back to the late ’50s when the Hollywood legend purchased 4,000 acres of farmland between Maricopa and Stanfield).
Ten businesses call Duke Plaza home including Great Western Bank, Empire West Title Agency, AFH, Homesmart Success Realty, Electrical District #3, Maricopa Domestic Water, Country Stylin’ Salon, Desert Sun Performing Arts (Dance), Puppy Love Pet Stylists, Preschool, and The Smokers Edge.
Owners were fortunate to purchase the asset with a 10%+ cap rate based on current income with room to increase rents and lease a small amount of vacancy.
Duke Plaza joined the Maricopa Chamber of Commerce and hosted a client appreciation and Ribbon Cutting ceremony in November 2017.
In late 2017 and early 2018 the property received a cosmetic facelift including new paint, reseal and restriping the parking lot, and a landscaping makeover.