Target-Anchored Retail Center near PV Mall Transacts for $24.8 Million

Area Map

Bob Parsons (YAM Properties) purchased the "Village Center" community shopping center at the northwest corner of Paradise Village Parkway and Cactus Road on Friday. The cash-only transaction totaled $24.8 million, or $156 per square foot. The asset was sold by Walton Street Capital. CBRE (Jesse Goldsmith, Steve Julius) represented both parties in this transaction.

Located across the street from Paradise Valley Mall, this nearly 160,000 square foot shopping center includes tenants such as Subway, Dollar Tree, Circle K, and Half Price Books. It was built in 1988 on 11.5 acres, and is within walking distance of two apartment complexes.

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Vizzda Weekly - week ending 10/30/15

Keeping you up-to-date with CRE deals in the Phoenix metro area
Team Vizzda would like to present Vizzda Weekly - our complimentary weekly recap of commercial real estate activity in Maricopa County. Every Monday we send out Vizzda Weekly with the number of events we reported on and cataloged along with some featured events from the previous week.
Keep in mind, this is just the tip of the iceberg. Vizzda provides in depth information for all commercial properties - Multifamily, Office, Industrial, Retail, Storage, Hospitality, Mobile Home, Senior Facilities, Golf, Hospitals, Land & Lots - in Maricopa County to our subscribers. ***VIZZDA NOW COVERS PINAL COUNTY*** Team Vizzda is pleased to announce the addition of Pinal County data to our exclusive information service. Please contact Karyn MacVean at (480) 924-2000 orkmacvean@vizzda.com for pricing and assistance.
For the week ending October 30, 2015 Last week, Vizzda researched 59 Sales events totaling $245,504,603 in transaction value. We also reported on and cataloged 2 Distressed Property notices, 31 Debt Recordings and21 Planning & Zoning events.
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What happened in LAND last week? Vizzda reported on and cataloged 17 Land Sales, 1 Notice for Trustee Sale and 7 Debt Recordings in Maricopa County.
	Featured Land Sale: ±7 Acres sells for $1.3M in Mesa EastGroup Properties purchased ±7.82 acres of commercial land zoned LI on 10/28/2015 from Hewson Development Corp. for $1,311,159 ($4 per unimproved SF). It's planned for a 120K SF industrial building.  Vizzda subscribers - please click here for the full report.
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What happened in OFFICE last week? Vizzda reported on and cataloged 4 Office Sales, 1 Notice for Trustee Sale and 3 Debt Recordings in Maricopa County.
	Featured Office Sale: ±2,810 SF Office Property sells $290K in Phoenix Patricia Yager purchased a single story office property, built 1959 & zoned C-1, on 10/26/2015 from John D. & Shannon L. Miller for $290K ($103 per SF). There was no debt recorded with the sale.  Vizzda subscribers - please click here for the full report.
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What happened in MULTIFAMILY last week? Vizzda reported on and cataloged 11 Multifamily Sales, 8 Debt Recordings and 3 proposed Multifamily Planning & Zoning events in Maricopa County.
	Featured Multifamily Sale: Bulk Condo Units sell for $6.4M in Phoenix Thomas Commers and Aaron James have sold 146 units in El Cortez to FPA Multifamily for $6.4M or $43,835 per unit. There are a total of 165 units in this 3-story apartment complex and all of the units are studio apartments. There was no debt recorded with the sale that took place on 10/27/2015. Vizzda subscribers - please click here for the full report.
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What happened in RETAIL last week? Vizzda reported on and cataloged 12 Retail Sales, 8 Debt Recordings and 3 proposed Retail Planning & Zoning events in Maricopa County.
	Featured Retail Sale: Former "Mervyn's" Retail Anchor sells for $2.3M in Chandler Asad Hasasneh (owner, Furniture & Mattress Discounters, new tenant) purchased a 75K SF retail anchor on 10/26/2015 from Vintage Partners for $2.3M ($30.34 per SF) with $134K down and two new SBA notes originated with Seacoast Commerce Bank: $2.1M note and $382K construction loan. The single story building was built in 1990 and was formerly the location of "Mervyn's" department store.  Vizzda subscribers - please click here for the full report.
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What happened in INDUSTRIAL last week? Vizzda reported on and cataloged 12 Industrial Sales, 6 Debt Recordings and 1 proposed Industrial Planning & Zoning event in Maricopa County.
	Featured Industrial Sale: ±9K SF Industrial Flex Property sells for $750K in Tempe Zachary E. & Darcy A. Stravitz (Stravitz Glass, current tenant) purchased the multi-tenant industrial flex property on 10/28/2015 from Henry F. Ander et al. for $750K ($81 per SF) with $112K down and a new $637K SBA loan originated through Wells Fargo. The property consists of 1 single story building built in 1986 on .55 acres and zoned I-1.  Subscribers - please click here for the full report.
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DISCLAIMER: The information contained herein is from sources deemed reliable. We have no reason to doubt its accuracy but do not guarantee it. It is the responsibility of the person viewing this information to independently verify it.

Anchor across from Paradise Valley Mall Sells for $10.4 Million

Parcel Map

The anchor building at 4519 E Cactus Road, just across from Paradise Valley Mall, sold Thursday for $10.4 million, or $153 per square foot. Scottsdale investor Pavo Milicevic is the new owner of the property, of which a portion is currently net leased to home furnishings retailer "Homegoods". The other 34,408 square feet is currently vacant.

Adjacent tenants to the anchor include "Party City", "TJ Maxx", "Sally Beauty Supply", and "Audio Express", as well as nearby "IHOP" and "McDonalds" restaurants. The sale was funded by a $4.5 million loan with Wells Fargo Bank.

For more information on this property including complete lease information, history, and buyer/seller contacts, visit us at our website or send us an email. We're happy to hear from you!



        

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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Paul Dionne – pdionne@vizzda.com