Westwood Financial Corp. sold Sonora Village, a 248,322-sq.-ft. shopping center in Scottsdale, Ariz., for $46.5 million.
The center was completed in 1996. Tenants at the property include Best Buy, Staples, Studio Movie Grill, Party City, Aaron Brothers, Peter Piper Pizza, Chase and Wildflower Bread Co.
Jan Fincham and Patrick Dempsey, of Lee & Associates, represented Westwood in the transaction.
“We have sold six of our Arizona properties totaling almost $100 million over the last six months, however, it was a difficult decision to sell Sonora considering the quality of the real estate,” said Joe Dykstra, executive vice president of Westwood Financial, in a statement. “We have invested in retail properties in Arizona since 1989 and have owned 33 properties at one time or another in Phoenix and Tucson and expect to continue to be an active buyer in the state.”
Canyon-Johnson Urban Funds Buys Miami Area Land for Shopping Center Development
Canyon-Johnson Urban Funds (CJUF) acquired a 32-acre former golf course in Flagler Corridor, Miami in an all-cash transaction. The company plans to develop Fontainebleau Park Plaza on the site, a 235,000-sq.-ft. neighborhood shopping center.
The site is one of the last remaining land parcels in Flagler Corridor entitled for retail development. Approximately 400,000 people live within five miles of the property and 250,000 people work in the same area.
A Walmart supercenter will anchor the property when it’s completed. Construction is scheduled to begin in the second half of 2012.
“When you consider the population density and low retail vacancy rate in this corridor, it’s clear there is a significant supply and demand imbalance that needs to be addressed in the submarket,” said Bobby Turner, CEO and managing partner of Canyon-Johnson, in a statement. “We believe in Miami and know the area well, and we are thrilled to contribute to the continued growth and revitalization of the area. Fontainebleau is exactly the kind of project we live to invest in.”
Simon Buys a 50 Percent Stake in Florida Outlet Center
Simon Property Group Inc. acquired a 50 percent stake in Silver Sands Factory Stores, a 465,000-sq.-ft. outlet center in Destin, Fla. from the Howard Group, the developer of the property. As part of the transaction, Simon will assume leasing and management duties for the center.
Silver Sands Factory Stores serves as home to more than 100 stores, including Ann Taylor Factory Store, Coach, Cole Haan, J.Crew, Kenneth Cole, Michael Kors, Nike and Saks Fifth Avenue OFF 5th. The center opened in 1992.
O&S Sells Alabama Lifestyle Center
O&S Holdings sold Bridge Street Town Centre, a 603,000-sq.-ft. lifestyle center in Huntsville, Ala., to MCA.
The center is part of a 4,000-acre mixed-use Cummings Research Park. Tenants at the property include Bed, Bath & Beyond, DSW, Barnes & Noble, Ulta Beauty, Monaco Pictures and Toys/Babies ‘R’ Us, among others.
Adam Howells and David Disney, of UCR, represented the seller in the transaction.
Other Notable Deals
HFF secured a $9 million loan on behalf of KIR Boynton L.P. to refinance Boynton West Shopping Center, a 195,000-sq.-ft. shopping center in Boynton Beach, Fla. The loan featured a fixed-interest rate and a 10-year term. Wells Fargo Real Estate Capital Markets funded this transaction. Boynton West Shopping Center is 97 percent leased. Bealls and Burlington Coat Factory anchor the property. Elliott Throne, of HFF, negotiated this transaction.
Nissan Realty LLC sold a 12,900-sq.-ft. CVS in Dedham, Mass. to Lucy Dedham LLC. The property is newly constructed. David N. Ross, of NAI Hunneman, represented the buyer in the transaction. Craig Barker, of Boston Real Estate Advisors, represented the seller.