PHOENIX—CIRE Management, based in La Jolla, purchased Monterey Vista Village Shopping Center from Sandy, UT-based Monterey Vista Village Shopping Center, LLC. The asset is located on the northwest corner of Pecos and McQueen Roads in Chandler.
Monterey Vista Village is an 88,382-square-foot center built in 2006. It sold for $9.8 million. The property sits on 10.47 acres and is 77% leased to Auto Zone, Air Extreme Trampoline Park, State Farm Insurance, SANS Plumbing, Salon Boutique and more.
The transaction was negotiated by Jared Williams, Ari Spiro and Sean Stutzman of ORION Investment Real Estate based in Scottsdale.
The property originally supported a construction loan of $13.6 million in 2005. ORION's president Ari Spiro notes, “This was a win-win transaction. The seller had acquired the property in 2014 and had, in short order, increased their basis in the property. The buyer, who has been very active in this marketplace over the last couple of years, anticipates creating value through continued leasing.”
Associate Jared Williams concludes, “At half of replacement cost, Monterey Vista Village was a strong acquisition at an attractive price point. The property is in the path of growth and, as the market continues its recovery, the center should prove to be a great value-add acquisition.”
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