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.
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