Saturday, January 19, 2013

El Monte Plaza sells for $9.9M

Thanks to the Valley’s revived retail real-estate market, developer Michael Pollack closed two deals just before the end of 2012, selling one property in central Phoenix and buying another in Tempe.

Pollack, CEO of Michael A. Pollack Real Estate Investments, sold Phoenix’s El Monte Plaza on Dec.21 for $9.9million. The shopping center is near 19th and Dunlap avenues. Three days later, he bought the smaller Tempe shopping center, near Scottsdale Road and Hancock Avenue, for $2.6million.

Pollack said fiscal-cliff fears motivated him to close the deals before Jan.1.

“It felt like a race against the clock,” he said.

Read more: El Monte Plaza sells for $9.9M

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