--> VIZZDA--October 29th, 2012 -- Bruce Galloway, CEO of Pacific West Land, has acquired two adjacent shopping centers in the Vistancia neighborhood from their original developer for $25.75m or $195.53 per ft2. Pacific West Land paid $12.875m cash for the property and secured an additional $12.875m in debt with Meridian Bank.
The larger of the two centers, both in terms of rentable square feet and
acreage, is legally described as Lots 1-7 inclusive and Tract A of Vistancia
Retail Subdivision, Parcel D9 and totals 94,119 ft2 on 10.691 gross
acres, zoned PCD. It is anchored by a 57,888 ft2 Safeway and
features 11,760 ft2 inline retail in two buildings occupied by
several full service restaurants and a Great Clips barber shop as well as four
retail pads totaling 24,030 ft2 and occupied by a Chase Bank and a
Subway restaurant. The parcel has 320 parking spaces for a parking ratio of
3.39 per 1000 ft2.
The smaller of the two centers is legally described as Lots 1 and 2 of Vistancia
Marketplace and totals 37,575 ft2 on 7.53 gross acres, also zoned
PCD. It is anchored by a 14,820 ft2 Walgreen's Pharmacy and features
two inline shells totaling 22,755 ft2 as well as two undeveloped
parcels. The parcel has 250 parking spaces for a parking ratio of 6.65 per 1000
ft2. The two complexes have a total of 570 parking spaces and an
aggregate parking ratio of 4.33 per 1000 ft2.
The land on which the neighborhood shopping centers sit was acquired by a
Shea Homes/Sunbelt Holdings co-venture as part of the Vistancia development in
2001. On May 25th, 2007, the two parcels were transferred to a related entity
and encumbered with $25.9m in new construction debt with California Bank and
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