Sonora Village Retail Center in Scottsdale Trades for $46.5M
- Jun 04, 2012
Sonora Village Investors, a partnership of investors Bob Mariash and Ryan Denk, has paid $46.5 million for Sonora Village, a 248,322-square-foot retail center in Scottsdale, the Phoenix Business Journal reported.
Sonora Village’s previous owner, Westwood Financial Corp., has sold six retail properties in Arizona during the past six months as part of its strategy to rejuvenate its holdings.
“As we continue to reshape our portfolio, it was an obvious disposition target, given the fact that we have owned the property for 13 years,” explained Joe Dykstra, Westwood Financials executive vice president. The privately held company, which owns more than 100 retail properties in 24 markets nationwide, plans to continue investing in Arizona, he added.
The 16-year-old center is about 82 percent leased to a tenant roster that includes Wal-Mart, Best Buy, Staples, Studio Movie Grill, Aaron Brothers and Wildflower Bread Company. Jan Fincham and Patrick Dempsey of Lee & Associates’ Phoenix office represented Westwood Financial.
In other retail transaction news, Michael A. Pollack Real Estate Investments acquired a distressed 25,000-square-foot strip mall near Cave Creek in North Phoenix for about $750,000, the Business Journal reported. The price represents a 60 percent discount for what the previous owner, California Credit Union, paid for the property in a foreclosure sale three years ago. Michael Pollack, the property’s new owner, said that he plans to invest several hundred thousand dollars in upgrading the mall.
Photo courtesy of city-data.com