Prescott’s Bashford Courts Atrium Mall Sells for $4.95 Million

Bashford Courts Atrium Mall, 130 W. Gurley St., Prescott, AZ

Cushman & Wakefield Negotiates Sale in Downtown Historic Courthouse Square

PHOENIX, Arizona  – Cushman & Wakefield completed the sale of Bashford Courts Atrium Mall, located at 130 W. Gurley Street in Prescott, Ariz. Hannay Realty Advisors purchased the property from Bashford Courts, LLC for $4.95 million.

Chris Hollenbeck of Cushman & Wakefield Phoenix represented the seller in the transaction. Greg Mayer of Cushman & Wakefield Phoenix represented the buyer.

“We are excited to sell an iconic Prescott building like Bashford Courts to a very seasoned investor like Hannay Realty Advisors,” says Hollenbeck.

Bashford Courts Atrium Mall, a restaurant and specialty boutique shopping center located in Downtown Historic Courthouse Square of Prescott, is a 33,000-square-foot retail center. The property is located across from the historic Courthouse Square, which hosts numerous year-round events, and houses the famous Prescott Brewing Company. The center is 97% leased, with long-term agreement and most tenants have been with Bashford Courts for more than 10 years.

“Adding a property like Bashford Courts to our growing portfolio gives us an opportunity to add value to a well-known building in Prescott.  We plan on starting updates to the building immediately and are already starting to talk to new potential tenants for some of the vacancies,” said Michael Meath of Hannay Realty Advisors.




Marketplace at Lincoln & Scottsdale Sets New Price PSF in Arizona

marketplaceSCOTTSDALE – The Marketplace at Lincoln & Scottsdale, a 22,081-square-foot retail center, which has quickly become home to some of the hottest local eateries, sold for $14 million ($634 PSF). The property is located on Scottsdale Road and Lincoln Drive, one of the most recognizable intersections in the Phoenix metropolitan area and the gateway to the affluent Paradise Valley community.

The property developed by Len Noel of Covington Asset Management has been a labor of love. Noel originally purchased a bank-owned, office project on 7.5 acres in 2011 that had reached obsolescence. The following year, Covington sold off approximately 5.3 acres to Alliance Residential, who recently completed their award-winning Broadstone at Lincoln, a 264-unit luxury rental community.

The off-market, private sale was negotiated by local firm, ORION Investment Real Estate. “We had no intention of selling The Marketplace. It was intended to be a legacy asset. ORION introduced the buyer to us and we quickly developed a relationship with the buyer and realized that they shared a very similar long-term vision for the property”, says Noel.

With demographics among the most affluent in the Southwestern United States, Scottsdale Road frontage, an award winning design, and a premier residential community as its anchor, The Marketplace became an instant success. “It was a difficult decision to part with The Marketplace. In my many years in the industry, I have never had such an overwhelming interest from tenants on any project that I have developed or redeveloped. We are thrilled with what we created and to have a like-minded group to pass the torch to,” Noel continued.

Marketplace 2The buyer, MDC Realty Advisors USA, Inc. through its U.S. affiliated company Hannay Realty Advisors is a private commercial real estate company that focuses on asset and property management in the United States. Hannay Realty Advisors currently manages approximately 12-million-square-feet of commercial properties and has offices in Phoenix, Denver, Los Angeles, Orange County, San Francisco, Kansas City and Las Vegas. In addition to several other transactions across the western U.S., they have recently purchased other high profile Arizona assets, including Paloma Village in Tucson at Skyline and Campbell, and the Corner on 7th & Camelback East Shops in Phoenix. They have acquired over $400 million in U.S. real estate assets in the past 36 months.

“MDC is extremely active in acquiring and operating high-end properties in prominent locations. The Marketplace was a natural strategic fit in growing their impressive local portfolio into Scottsdale”, noted Ari Spiro, President of ORION, who brokered the transaction along with partner, Sean Stutzman. MDC, with a strong local management presence, will continue looking to grow their footprint in the Phoenix market.

Spiro concludes, “we have sold several retail properties that surpass the $500 per square foot threshold, but none can match The Marketplace’s combination of location, demographics, design, while incorporating the mixed-use element of an award-winning residential community as its anchor. Those factors widely recognized, it is no wonder that the center has quickly became home to a strong mix of salons and boutiques, Opus Bank and valley hotspots of Sumo Maya, Vivo! Ristorante and Scramble.”

The Marketplace at Lincoln & Scottsdale represents the highest price per square foot ever achieved for a multi-tenant retail center over 10,000-square-feet in Arizona. The previous record was also set by Orion Investment Real Estate in November 2008, with the sale of The Shops at Zocallo at the Northeast Corner of Scottsdale Road & Greenway-Hayden Loop for $630 PSF.

To learn more Spiro and Stutzman should be contacted at 480.634.6934.




Tucson’s Paloma Village Neighborhood Center Sells for $17.2 Million

Paloma Village 6330-6370 N Campbell Ave., Tucson
Paloma Village 6330-6370 N Campbell Ave., Tucson

TUCSON, AZ – Paloma Village Center, located at one of the most desirable intersections in the State, Campbell Ave & Skyline Drive in Tucson, sold for $17.2 million ($456 PSF). The 37,739-square-foot center on 4.49 acres sold to HRA Paloma LP, a commercial real estate entity affiliated with Hannay Realty Advisors based in Phoenix plans to manage the property itself.

Paloma Village Center is a well-positioned Class A property located in the prestigious Catalina Foothills and is part of a 12.9 acre mixed-use development that also includes a 120 room flagship Embassy Suites Hotel, which was not included in this sale.

Paloma Village Center with 14 tenants has a history of high occupancy due to its tremendous visibility and signage, limited retail competition and high income demographics in the surrounding area. 71% of the rent roll are original tenants of the center that was developed in 2004.

The heavy draw to the intersection is the 250,000-square-foot La Encantada outdoor specialty mall featuring luxury retailers and restaurants such as: The Apple Store, Tommy Bahama, AJ’s Fine Foods, Lululemon Athletica, Coach, Tiffany & Co, Williams-Sonoma, Pottery Barn, Louis Vuitton and more.

The national tenants occupying Paloma Village Center include Fleming’s, CVS Pharmacy, Starbucks and Verizon Wireless. Other tenants include Café Jasper, C. Green Jewelry, Spa NiVa and The Ballet Conservatory of Dance Music & Art.

The buyer in the transaction was represented by Andrew Harrison of ORION Investment Real Estate of Scottsdale. The California-based seller, Darryl Wong & Associates, was represented by Matthew Lyons of The Hogan Group in Scottsdale.

ORION’s Vice President Andrew Harrison noted, “This high profile property represents a generational opportunity in a submarket where properties rarely trade. The buyer was drawn to the stable tenant roster and high barriers to entry.”

To learn more Harrison should be reached at 480.634.6934 and Lyons can be contacted at 602.553.4158.

[mepr-show rules=”58038″]Sale Date: 1/22/2015. Buyer paid $8.6 million down and financed the balance with Nationwide Life Insurance Company. Parking ratio 5:1000. Property was 97% occupied at time of sale and sold at a 6.14% cap rate.[/mepr-show]