Wednesday, August 20, 2014

Marley Park Shopping Center Sold for $12.45m

By: Paul Dionne | Vizzda

Costa Mesa, California-based retail developer, Donahue Schriber Realty Group has sold Marley Park Plaza—a Basha’s-anchored neighborhood shopping center within the Marley Park master-planned community—to a joint venture between a Canadian investor and Nathan Cardon of Cardon Commercial. The total sale price of $12.45m is comprised of $11.7m for the existing shopping center and $750k for an undeveloped 2.45 acre parcel adjacent to the east. Taking the two deals separately, this translates to $150.29 per improved square foot and $7.027 per square foot of unimproved land. The sale was brokered by the team of Michael Hackett and Ryan Schubert at Cassidy Turley.

The 77,851 square foot neighborhood shopping center is located at the southeast corner of Reems and Waddell Roads in Marley Park, which is entirely contained within the City of Surprise. The improved portion conveying in this sale is comprised of a 49,445 ft2 anchor space, two multi-tenant inline spaces totaling 22,302 ft2 and a freestanding, multi-tenant strip space totaling 6,104 ft2. It was built in 2007 on a 9.378 acre site, zoned PAD.  There are 330 parking spaces and a truck well for a parking ratio of 4.23 per 1,000 ft2. The three pad spaces in the shopping center did not convey.

Donahue Schriber previously acquired both the improved and unimproved parcels as land only in July of 2006 from DMB Associates, Inc.—the Master Developer of Marley Park—for $9,616,313 or $16.82 per square foot for the combined 13.19 acres. A portion of that land basis was taken out later that year with the sale of the hard corner at Reems and Waddell for $1.35m or $24 per square foot. In the current sale, Cardon and the aforementioned Canadian investor, Kulwant Singh Sarai, encumbered the property with purchase money debt whose principal amount was not disclosed in the deed of trust but which is reported to be $7.9m.

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