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California Buyer Puts Up $24M for 227,100-SF Asset

SIERRA VISTA, AZ-Howard & Mills Inc. takes the deed to Plaza Vista Mall for $23.6 million after going up against 15 offers for the fully leased retail center. The Los Angeles-based seller plans to deploy the gain into properties closer to home.

By Amy Wolff Sorter | Updated on August 10, 2005

(For more retail coverage, click GlobeSt.com/RETAIL.)

SIERRA VISTA, AZ-In an attempt to place more focus on its core assets in California, Plaza Vista Mall Group LLC of Los Angeles has sold the 227,100-sf Plaza Vista Mall to Howard & Mills Inc. of Northridge, CA for $23.6 million.

Plaza Vista Mall, located at the corner of US Highway 90 bypass and Charleston Road. was 100% occupied at closing time. According to Ramez Barsoum with Reza Investment Group, the property, built in 1988, was on the market for only 45 days and attracted 15 offers. The original ask for the Wal-Mart-anchored asset was $24.1 million.

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