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.

To Contact the Author:

Paul Dionne – pdionne@vizzda.com

DeRito and Van Tuyl Buy Big in Arcadia Lite

By: Paul Dionne | Vizzda.com

April 21^st, 2014 — The neighborhood shopping center at the southwest corner of 32^nd Street and Indian School Road sold yesterday in two transactions totaling $16.75m. Currently anchored by Bashas-subsidiary Food City as well as an AMF Bowling Alley, the 155,634 ft² shopping center sits on 13.09 acres at the intersection of two major arterial roads.

Martin DeRito of Derito Partners and Larry Van Tuyl of Van Tuyl Auto Group acquired the properties through a combination of $5,705,494 in cash and $11,044,505 in related-entity financing with Van Tuyl. The building that housed the now-closed AMF Squaw Peak Lanes sold for $4.36m or $94.80 per square foot, while the remaining 109,646 ft² comprised of the anchor, inline and pad retail portion sold for $12.39m or $113 per square foot.

The corner belonged to Basha’s Inc. dating back to 1959. Following a Chapter 11 Bankruptcy filing by Basha’s in 2009, the company announced its plan to close ten under-performing stores; the property was among several Bashas’ stores secured under a $100m deed of trust with an affiliate of Great American Group in 2010. 

MetLife Sells Scottsdale Shopping Center to Bob Parsons of GoDaddy

VIZZDA—July 26^th, 2013 — The McDowell Mountain Marketplace, an 88,121 ft² neighborhood shopping center at the southwest corner of Thompson Peak Parkway and Bell Road, sold for $14.125m or $160.29 per square foot. The seller was Metropolitan Life Insurance Company (MetLife) through its portfolio manager, Blackrock Realty Advisors. Bob Parsons, Executive Chairman of GoDaddy, purchased the property through his real estate holding company, YAM Management, in an all cash transaction.

MetLife had previously acquired the property from Canadian retail operator, Centrecorp, in February of 2006 for $22.5m or $255.33 per square foot with $11,633,379.18 down and the assumption of an existing $12.25m note with the Teachers Insurance and Annuity Association of America (TIAA). The $14.125m recent sales price represents a 37.22% decline in value over the seven-plus year holding period.

The complex is comprised of a 57,892 ft² anchor space, currently occupied by Basha’s on a 20-year firm term lease commencing on November 30^th, 2000 with four 5-year options to extend. There are two non-contiguous inline retail buildings totaling 26,288 ft² and a freestanding retail pad, which is ground-leased to JP Morgan Chase until November 30^th, 2022. The anchor and inline space was completed in 2002 and the pad space was added to the 10.9-acre site in 2007. Approximately 440 parking spaces convey for a parking ratio of 5.42 per 1000 ft².

By:

Paul Dionne

Director of Analytics

Vizzda.com