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Hard-Sell Retail Asset Nets $4M From First-Time Phoenix Buyer

PHOENIX-A Philipsburg, MT owner sells the 18,060-sf Pedregal Pointe Shopping Center after the list is lowered to $4.3 million and a conduit loan is retired when a 10-month marketing comes up dry. The 80%-leased center changes hands for $3.9 million.

By Jennifer D. Duell | Updated on May 12, 2005

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PHOENIX-A first-time Valley buyer, with 1031 exchange funds to spend, has paid $3.9 million for the 18,060-sf Pedregal Pointe Shopping Center to a limited liability company from Philipsburg, MT.

The Park Family Trust of Hayward, CA took its first Valley deed–3145 E. Chandler Blvd.–from Grange Pedregal Pointe Mall LLC, says Chris Keenan with Marcus & Millichap Real Estate Investment Brokerage Co.’s Phoenix office. He tells GlobeSt.com that Pedregal Pointe Shopping Center was on the market 10 months because it was encumbered by a conduit loan with an interest rate of almost 8% and carried a $4.8-million list price. He says offers started to pour in once the seller pre-paid the loan and reduced the price to $4.3 million.

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