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.
To Contact the Author:
Paul Dionne – pdionne@vizzda.com
HI you have a good blog i kie your blog as it have all the good information. Promote HI you have a good blog i kie your blog as it have all the good information. Promote buy kurtis online
ReplyDelete