Friday, January 31, 2014

Historic Camelback Corridor Shopping Center Sold for $12.2m

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.

Paul Dionne
Director of Analytics

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