Developer buys vacant east Mesa bank, sees at least 5 potential uses
Originally Published: AZCentral.com
September 04, 2013
A former bank building at the southeastern corner of Broadway and Greenfield roads in Mesa is set to get a makeover after standing vacant for more than two years.
Phoenix-based SRS Real Estate Partners in July sold the 5,000-square-foot, single-story building for about $460,000 to shopping-center developer Ted Kruger, according to SRS broker Sean Thomas.
Kruger, owner of Nevada-based Bullseye Commercial Real Estate, has built more than 30 projects in California, Utah and Arizona.
“Normally, I build from ground up — I’ve built small centers all the way through regional malls with department stores,” Kruger said. “But when I saw this building on this terrific intersection sitting there vacant, I thought it had great potential.”
Rather than predetermine exactly what type of tenant he’d like to see move into the space, Kruger is open to at least five types of uses and said he’s going to “let the market tell me how to transform” what will be called the Greenway Building.
“I’d do a bank or another financial tenant, because that was its original purpose, but it could also function very well for food with that existing drive-through window,” he said.
“I’ve also been working with a lot doctors to get them out of boring old buildings in the backs of parking lots and putting them right in free-standing buildings ... and the doctors really appreciate that, being right out front with lots of parking.
“It also could go to retail,” Kruger continued. “It could be one tenant or it could be a multiple, two or three tenants. We could also combine basic office uses, such as insurance offices. I have no preferences.”
Kruger already has been marketing the facility to potential tenants and said he will pursue a full upgrade of the building’s interior and exterior once a deal is made and the new use is defined. He already has started basic renovations and clean-up on the property, including stripping old wood from the building, freshening up landscaping and repainting.
He sees the Bank of America building across the street as a “beacon calling out showing what can be done” with a space at a “strong, established intersection” such as that one and hopes his building will be “of that level and quality.”
“Instead of being a blight and a problem property, hopefully people will look at it and say, ‘They really did a nice job,’ ” he said.