Tuesday, October 9, 2012

Boulevard at Surprise Point Purchased by Cire Partners of La Jolla for $17.5M

Vizzda – October 9, 2012 – The Boulevard at Surprise Pointe, formerly known as “Shoppes at Surprise” is the 35-acre retail portion of “Surprise Pointe” a 290-acre master-planned commercial business park. This acquisition comprises a 141,507 SF Lifestyle Retail Center built in 2008 and six vacant land parcels totaling 9.07 acres. The acquired portion sums to 29.82 acres zoned PAD and is planned for 201,223 SF of retail. Cire Partners has acquired all of the project except “Lot 7” a 1.32 AC vacant lot planned for “TCF BANK” PAD and “Lot 12” a 55K SF bowling alley “Uptown Alley” on 5.54 AC. Joshua Volen and Trevor Smith of Cire Partners purchased this property from Matthew Schwab of Karlin Real Estate for $17.5M with $5.9M down and $14.45M debt with Prime Finance Partners. Michael Hackett and Ryan Schubert of Cassidy Turley brokered the transaction.

David Glimcher of Glimcher Ventures Southwest was the original project developer, acquiring the ±27 acres of land in two transactions (7/23/07 & 2/25/08) for a total of $13,188,425. Karlin Real Estate acquired the note(s) from Huntington National Bank 11/10/2010 and conveyed the property through trustee deed 3/28/11 and 5/4/11. Karlin subsequently sold off the Phase II anchor “Lot 12”, consisting of ±60K SF shell building on 5.54 AC for $4.0M to Steven Uphoff for Uptown Alley bowling center.

Hadden Schiffman
Managing Director

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