IRVINE, CA—REZA Investment Group Inc. has facilitated the disposition of three anchored shopping centers in Phoenix and Los Angeles County to what industry sources unrelated to the deals tell GlobeSt.com are different buyers. The aggregate value of the properties is approximately $80 million.
One of the properties sold was Goodyear Centerpointe is a 324,068-square-foot regional retail power center in Goodyear, AZ, a community of Phoenix. Sources unrelated to the deal tell GlobeSt.com the seller was Evergreen Development and the buyer Haagen Properties. A stabilized asset with 98%occupancy, the property is subject to a ground lease and features national and regional tenants Toys R Us, Babies R Us, Conn's HomePlus, BevMo!, Party City and Sport Chalet. Additional tenants include Olive Garden, Red Lobster, Texas Roadhouse, Rubio's, Paradise Bakery, Mattress Firm, Eyeglass World and T-Mobile.
REZA also facilitated the sale of a single-tenant, triple-net Ralphs Marketplace in Redondo Beach, CA. The approximately 69,649-square-foot infill property is situated 1 mile south of the 405 freeway, which receives average daily traffic counts of approximately 258,000 vehicles at the Hawthorne Blvd. interchange. Sources unrelated to the deal tell GlobeSt.com that the parties involved were Southern California-based private investors.
Lastly, University Square is a 40,807-square-foot, dd's-anchored shopping center in Carson, CA. The property is prominently located at the intersection of S. Avalon Blvd. and E. Albertoni St. and along the 91 freeway. It offers freeway frontage, signage and high visibility. Additional national and retail tenants include Panda Express, Fatburger, Subway, Ono Hawaiian BBQ and Liberty Tax Service. Sources unrelated to the deal tell GlobeSt.com Primestor Development was the seller and a Southern California private-investor partnership was the buyer.
Reza Etedali, CEO and founder of REZA, tells GlobeSt.com, “We are experiencing significant investor interest both from locally based high-net-worth entities as well as international investors, including investors from Asia and the Middle East. The recent influx of international capital has contributed to the most culturally diverse investor base in years. The ability to relate to and work with these different profiles of investors has never been more critical.” He adds that the focal point for the majority of these investors in today's market is about generating a sustainable cash flow stream from income-producing real estate investments.
As GlobeSt.com reported in February, Etadali told us, “Last year, there were over $1 trillion of global commercial real estate transactions. One-third of that occurred in China, and much of it is from the sale of speculative land, which is driving significant wealth growth in China.”
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Carrie Rossenfeld
Carrie Rossenfeld is a reporter for the San Diego and Orange County markets on GlobeSt.com and a contributor to Real Estate Forum. She was a trade-magazine and newsletter editor in New York City before moving to Southern California to become a freelance writer and editor for magazines, books and websites. Rossenfeld has written extensively on topics including commercial real estate, running a medical practice, intellectual-property licensing and giftware. She has edited books about profiting from real estate and has ghostwritten a book about starting a home-based business.
