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.
By:
Paul Dionne
Director of Analytics
pdionne@vizzda.com
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