VIZZDA—July 26th, 2013 — The McDowell Mountain Marketplace, an 88,121 ft2 neighborhood shopping center at the southwest corner of Thompson Peak Parkway and Bell Road, sold for $14.125m or $160.29 per square foot. The seller was Metropolitan Life Insurance Company (MetLife) through its portfolio manager, Blackrock Realty Advisors. Bob Parsons, Executive Chairman of GoDaddy, purchased the property through his real estate holding company, YAM Management, in an all cash transaction.
MetLife had previously acquired the property from Canadian retail operator, Centrecorp, in February of 2006 for $22.5m or $255.33 per square foot with $11,633,379.18 down and the assumption of an existing $12.25m note with the Teachers Insurance and Annuity Association of America (TIAA). The $14.125m recent sales price represents a 37.22% decline in value over the seven-plus year holding period.
The complex is comprised of a 57,892 ft2 anchor space, currently occupied by Basha’s on a 20-year firm term lease commencing on November 30th, 2000 with four 5-year options to extend. There are two non-contiguous inline retail buildings totaling 26,288 ft2 and a freestanding retail pad, which is ground-leased to JP Morgan Chase until November 30th, 2022. The anchor and inline space was completed in 2002 and the pad space was added to the 10.9-acre site in 2007. Approximately 440 parking spaces convey for a parking ratio of 5.42 per 1000 ft2.
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