North Phoenix Shopping Center Sold for $10.15m

By: Paul Dionne | Vizzda.com


Ethan Christopher, LLC—an investor in medical office and retail properties in Arizona and California—has completed the acquisition of Union Hills Village, a neighborhood shopping center at the northeast corner of 19^th Avenue and Union Hills Road. The purchase price of $10.15m represents $92.11 per square foot and the transaction was financed with $6.4m in new debt with the Rosalinde and Arthur Gilbert Foundation.

The 110,188 ft² neighborhood shopping center was built in 1992 on 10.52 acres, zoned C-2. The property has 530 parking spaces for a parking ratio of 4.8 spaces per 1,000 ft². The 47,324 ft² anchor space is demised into two spaces, one of which is currently vacant, and features both a truck well and a dock door.

The seller, Mark L Whitfield of Donahue Schriber Realty Group, previously acquired the property for $12m or $108.90 per square foot. Donahue Schriber paid $3m in cash at that time and used $9m of an existing $135,294,373 cross-collateralized deed of trust with Teachers Insurance and Annuity Association to complete the acquisition. That note was set to mature on June 1^st, 2009 but was released on February 15^th, 2006, instead.

CORRECTION: This story incorrectly listed the Brokers of this property. The broker was Michael Hackett of Cassidy Turley.