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TIC Pool Shells Out $45M Plus for 130,096-SF Casa Paloma

CHANDLER, AZ-SCI Real Estate Investments goes up against 19 others to take its first retail deed in the Valley. A pool of 25 1031 exchange investors backs the play for the five-year-old Casa Paloma, a 98%-leased upscale lifestyle center.

By Jennifer D. Duell | Updated on March 16, 2005

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CHANDLER, AZ-SCI Real Estate Investments has beaten out 19 other prospective buyers to claim its first retail asset in the Valley. The TIC investment group, representing 25 1031 exchange buyers, paid $45.2 million for Casa Paloma, a 130,096-sf upscale lifestyle center.

The five-year-old center at 7131 W. Ray Rd. was sold by German-based investor, Sunbelt Management, which owned the center for three years. “This center is as upscale as you can get,” says Marc Paul, founder and president of the Los Angeles-based SCI Real Estate Investments. “It’s stunningly gorgeous and has every great lifestyle tenant.” He says the SCI pool put down about $16.1 million and financed close to $29.1 million through Charlotte, NC-based Wachovia Bank.

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