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McCulloch Center Lands $4M Sale

LAKE HAVASU CITY, AZ-A Colorado buyer inks a $4.2-million purchase deal for the 45,997-sf McCulloch Center. The 1974 center includes a newly remodeled Albertson's grocer-anchor as well as a 4,000-sfrestaurant pad.

By Lee Simmons | Updated on May 28, 2004

LAKE HAVASU CITY, AZ-A Colorado investor has purchasedthe Albertsons-anchored McCulloch Center, a 45,997-sf strip center that underwent a $1.4-million renovation in 2002. Grocery-anchored centers continue to be a top buy for hungry investors, according to a broker involved.”To find something like this with a grocery storeanchor is rare,” Jenifer Lunt, a senior associate withCB Richard Ellis in Phoenix, tells GlobeSt.com. While Albertsons was not part of the deal, recent renovations to the anchor as well as the rest of the center helped drive the deal to close, says Lunt. Theproperty received multiple offers before entering escrow.Other tenants include Eyes of Arizona (optometry),Windsor Square (furniture and interiors), The MailCenter and Nationwide Homes Inc. The first leasesexpire in 2006. Rents range between $5.87 and $15.92.Visibility was another key factor fueling the sale, as the center has a centralized downtown location that is in close proximity to two heavily-trafficked intersections. The 10-acre property sits at 1990 McCulloch Blvd. on the southwest corner of McCulloch and Smoketree Avenue. The site includes a 4,000-sf Black Bear Diner restaurant pad.The Loveland, CO-based buyer Triple B Ranch Inc. obtained a 10-year, $3-million loan from Wachovia Corp. of Charlotte, NC, at 6.15% to finance the sale. The buyer was able to close under the $4.3 million asking price, paying $4.2 million for the asset. The seller had originally asked $3.6 million for the shop space and $750,000 for the restaurant pad.Lunt and Steve Fernandez of CB Richard Ellis handledthe deal on behalf of the seller, RPA of Lake HavasuLLC. Rhys Christensen of Fort Collins, CO-basedRealtec represented the buyer.

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