Search
 

California Investor Nabs Two Retail Properties

ANTHEM, AZ-Palo Rojo Investments of Melville, CA uses 1031 Exchange money and closes two loans to buy the 10,584-sf Anthem Village Center and a 6,612-sf block in Fletcher Heights Plaza. In all, $5.7 million crosses the closing table.

By Lee Simmons | Updated on July 09, 2004

ANTHEM, AZ-A California investor has paid $5.7 million for retail properties in Anthem and Peoria, picking up higher-than-average rents and proximity to high-growth residential communities.

Palo Rojo Investments of Melville put up $3.1 million for the 10,584-sf Anthem Village Center at 2411 W. Anthem Way and $2.4 million for a 6,612-sf structure in the six-building Fletcher Heights Plaza at 8275 W. Lake Pleasant Parkway. “The seller called us and said if you have any buyers, this is what we’re working on. We happened to have a buyer with an exchange,” Patrick Dempsey, a principal with Lee & Associates Arizona in Phoenix, tells GlobeSt.com. The seller is Evergreen Development Co. of Glendale, CA, one of the largest merchant builders for Walgreens in the US.

In addition to exchange funds, the buyer obtained a five-year, $2.5-million acquisition loan for Anthem Village Center and a $1.8-million loan for Fletcher Heights building. Midfirst Bank of Oklahoma City provided the financing.

Want to continue reading?
Become a Free ALM Digital Reader.

Once you are an ALM digital member, you’ll receive:

  • Unlimited access to GlobeSt and other free ALM publications
  • Access to 15 years of GlobeSt archives
  • Your choice of GlobeSt digital newsletters and over 70 others from popular sister publications
  • 1 free article* every 30 days across the ALM subscription network
  • Exclusive discounts on ALM events and publications

*May exclude premium content
Already have an account?

NOT FOR REPRINT

© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.

GlobeSt

Join GlobeSt

Don't miss crucial news and insights you need to make informed commercial real estate decisions. Join GlobeSt.com now!

  • Free unlimited access to GlobeSt.com's trusted and independent team of experts who provide commercial real estate owners, investors, developers, brokers and finance professionals with comprehensive coverage, analysis and best practices necessary to innovate and build business.
  • Exclusive discounts on ALM and GlobeSt events.
  • Access to other award-winning ALM websites including ThinkAdvisor.com and Law.com.

Already have an account? Sign In Now
Join GlobeSt

Copyright © 2024 ALM Global, LLC. All Rights Reserved.