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.
To Contact the Author:
Paul Dionne – pdionne@vizzda.com
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