Thursday, August 28, 2014

Sun City Shopping Center Sold for $8m

By: Paul Dionne | Vizzda

Stephen Muller of Muller Company has completed the disposition of a neighborhood shopping center within the age-restricted and thinly traded Sun City master-planned community for $8m or $75.09 per square foot. The buyer was Barnet Dulaney of Perkins Eye Center doing business as Sun City Development Corporation, LLC. Dulaney paid $200k in cash and secured an additional $12m in new debt with C-III Capital Partners. Monday’s sale price is still below pre-recession levels, but less than half of the price for which Muller acquired the property in 2007.

The 106,542 ft2 shopping center—known as La Ronde Center—is located on either side of Del Webb Boulevard, north of Thunderbird Boulevard and south of Talisman Road. It is comprised of two multi-tenant buildings with predominantly medical tenants. The center was built from 1971 to 1978 on 10.92 non-contiguous acres, zoned C-2. There are approximately 425 parking spaces on site for a parking ratio of 4.63 spaces per 1,000 ft2, as well as three grade doors.

In January of 2006, Moshe Silagi—doing business as La Ronde Realty, LLC—acquired the La Ronde Center for $9.8m and flipped the property in 20 months to Muller for $18,426,907 or almost $100 more than the current per square foot price. Muller paid $4,766,907 in cash and encumbered the property under an existing $363.25m cross-collateralized note with Wells Fargo. Wells Fargo noticed the property for trustee sale several times before Muller could refinance with Deutsche Bank in June of 2012.

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