North Phoenix Shopping Center Sold for $10.15m

By: Paul Dionne | Vizzda.com


Ethan Christopher, LLC—an investor in medical office and retail properties in Arizona and California—has completed the acquisition of Union Hills Village, a neighborhood shopping center at the northeast corner of 19^th Avenue and Union Hills Road. The purchase price of $10.15m represents $92.11 per square foot and the transaction was financed with $6.4m in new debt with the Rosalinde and Arthur Gilbert Foundation.

The 110,188 ft² neighborhood shopping center was built in 1992 on 10.52 acres, zoned C-2. The property has 530 parking spaces for a parking ratio of 4.8 spaces per 1,000 ft². The 47,324 ft² anchor space is demised into two spaces, one of which is currently vacant, and features both a truck well and a dock door.

The seller, Mark L Whitfield of Donahue Schriber Realty Group, previously acquired the property for $12m or $108.90 per square foot. Donahue Schriber paid $3m in cash at that time and used $9m of an existing $135,294,373 cross-collateralized deed of trust with Teachers Insurance and Annuity Association to complete the acquisition. That note was set to mature on June 1^st, 2009 but was released on February 15^th, 2006, instead.

CORRECTION: This story incorrectly listed the Brokers of this property. The broker was Michael Hackett of Cassidy Turley. 

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