By: Paul Dionne | Vizzda.com
April 21st, 2014 — The neighborhood shopping center at the southwest corner of 32nd Street and Indian School Road sold yesterday in two transactions totaling $16.75m. Currently anchored by Bashas-subsidiary Food City as well as an AMF Bowling Alley, the 155,634 ft2 shopping center sits on 13.09 acres at the intersection of two major arterial roads.
Martin DeRito of Derito Partners and Larry Van Tuyl of Van Tuyl Auto Group acquired the properties through a combination of $5,705,494 in cash and $11,044,505 in related-entity financing with Van Tuyl. The building that housed the now-closed AMF Squaw Peak Lanes sold for $4.36m or $94.80 per square foot, while the remaining 109,646 ft2 comprised of the anchor, inline and pad retail portion sold for $12.39m or $113 per square foot.
The corner belonged to Basha’s Inc. dating back to 1959. Following a Chapter 11 Bankruptcy filing by Basha’s in 2009, the company announced its plan to close ten under-performing stores; the property was among several Bashas’ stores secured under a $100m deed of trust with an affiliate of Great American Group in 2010.