Tuesday, May 6, 2014

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 19th 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 1st, 2009 but was released on February 15th, 2006, instead.

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

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