VIZZDA—February 1st, 2014 — Camelback East
Shops—home to Tarbell’s, Tomaso’s Italian Restaurant and Sportsman’s Liquor,
among many other Biltmore-area staples—has been acquired by Hannay Realty Advisors
for $12.2m or nearly $500 per square foot. The 25,150 square foot neighborhood
shopping center is located at the southeast corner of 32nd Street
and Camelback Road; it features a 9,427 square foot anchor space occupied by
Van’s Pro Shop, as well as two inline portions of 8,199 and 7,524 square feet,
built between 1957 and 1969.
Hannay paid $6.1m in cash for the property and financed the
remainder through a $6.1m deed of trust with Nationwide Life Insurance Company,
maturing February 1st, 2019. Wetta Ventures, which represented the
selling group, states in promotional materials for the property that net
operating income is $689,289 for an effective cap rate of 5.64% cap and average annual
rental escalations equate to roughly 2.5%. Said selling group includes the son
of the original developer—who acquired the land on which shopping center was
constructed when 32nd Street was the eastern terminus of Camelback
Road.
By:
Paul Dionne
Director of Analytics
Vizzda.com
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