VIZZDA—July 26th, 2013 — The McDowell Mountain
Marketplace, an 88,121 ft2 neighborhood shopping center at the
southwest corner of Thompson Peak Parkway and Bell Road, sold for $14.125m or $160.29
per square foot. The seller was Metropolitan Life Insurance Company (MetLife)
through its portfolio manager, Blackrock Realty Advisors. Bob Parsons, Executive
Chairman of GoDaddy, purchased the property through his real estate holding
company, YAM Management, in an all cash transaction.
MetLife had previously acquired the property from Canadian
retail operator, Centrecorp, in February of 2006 for $22.5m or $255.33 per square
foot with $11,633,379.18 down and the assumption of an existing $12.25m note
with the Teachers Insurance and Annuity Association of America (TIAA). The $14.125m
recent sales price represents a 37.22% decline in value over the seven-plus
year holding period.
The complex is comprised of a 57,892 ft2 anchor
space, currently occupied by Basha’s on a 20-year firm term lease commencing on
November 30th, 2000 with four 5-year options to extend. There are
two non-contiguous inline retail buildings totaling 26,288 ft2 and a
freestanding retail pad, which is ground-leased to JP Morgan Chase until
November 30th, 2022. The anchor and inline space was completed in
2002 and the pad space was added to the 10.9-acre site in 2007. Approximately
440 parking spaces convey for a parking ratio of 5.42 per 1000 ft2.
By:
Paul Dionne
Director of Analytics
Vizzda.com
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