FirstBank Expands its Arizona Operations with $5.2m Bulk Retail Acquisition

VIZZDA—January 8th, 2013 — Colorado-based FirstBank is adding to its eleven existing branches with the acquisition of three retail pads from restaurant franchisee, The Briad Group. The properties, which until recently had been occupied by T.G.I. Friday’s restaurants, were acquired in three consecutive transactions of $1,733,333 each totaling $5.2m. They are located in Mesa, Goodyear and Glendale and described in greater detail below:

  • Mesa Location: A 7,145 ft2 retail pad built in 1998 on a 1.62 acre parcel, zoned C-2. The property is located South of the Southeast corner of Power Road and US 60 in the Superstition Springs Parcel 8 Lot 2 subdivision and conveys with 111 parking spaces.
  • Goodyear Location: A 5,848 ft2 retail pad built 2000 on a 1.51 acre parcel, zoned PAD. The property is located at the Southeast corner of Litchfield and McDowell Roads in the Palm Valley Pavilions shopping center and conveys with 62 parking spaces.
  • Glendale Location: A 5,892 ft2 retail pad built 1993 on a 0.88 acre parcel, zoned PAD. The property is located at the Southeast corner of 59th Avenue and Bell Road in the Telavi Towne Center and conveys with 52 parking spaces.

The Briad Group acquired the properties in separate transactions going back to May 1993. On January 30th, 2008 Briad transferred all three properties—and presumably many others—to a related holding company and encumbered them with $61.125m new cross-collateralized debt with M & T Bank, which is released with this sale. FirstBank paid an average of $275.35 per ft2 for the three properties.

By:

Paul Dionne

Director of Analytics

Vizzda

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