Monday, September 10, 2012

Florida Homebuilder Purchases The Borgata, Sells Restaurant Pad

 VIZZDA—September 7th, 2012 — Samuel Colgan of Avatar Properties, a Florida-based homebuilder, has completed the acquisition of The Borgata for $12.75m and the disposition of two restaurant properties within the mall for $3.5m in simultaneous transactions. The seller, RED Development through its principal and vice-president Michael Ebert, had previously acquired the retail complex on April 30th, 2012 for $9.15m from Macerich. The $12.75m sale price represents a 39.3% appreciation over a ~4.5 month holding period for RED Development.

Promotional material supplied by Macerich lists the 10-building complex at 93,706 rentable square feet while the Assessor places the total square feet at 99,092. Using the Macerich figures, the $9.15m and $12.75m sales prices on a per-square-foot basis are $97.65 and $136.06, respectively. The complex was built in two phases in 1981 and from 2006-2008 on 6.65 acres zoned C-2. Per City of Scottsdale planning documents, the entire site has 490 parking spaces including approximately 186 spaces in a below-grade parking garage.

Upon completion of the acquisition, Avatar Properties sold two of the freestanding retail pads on 1.604 acres currently used as full-service restaurants to Bruce Shapiro of Arizona Partners for $3.5m or $286.27 per square foot. The properties total 12,226 rentable square feet and stand between the Borgata and Scottsdale Road.

Paul Dionne
Director of Analytics

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