Darren Tappen, Senior Vice President, and Matthew Ault, Senior Associate, in Voit Real Estate Services’ Phoenix office along with Peter Beauchamp, Senior Vice President, in Voit’s Irvine office have successfully directed the sale of two multi-tenant retail centers in the Gilbert submarket with a combined transaction value of $9,861,250.
The 24,533 square-foot retail center known as Rodeo Park Plaza is located at 1659 & 1661 S. Val Vista Dr. & 1663 E. Ray Rd. and sold for $2.8 million while the larger 43,681 square-foot Val Vista Marketplace at 1551 E. Elliot Road, sold for $7,061,250.
In addition to the leasing assignment for the project, the Voit team represented the seller, WBCMT 2006-C29 Val Vista Retail, LLC & JPMC 2005-CIBC13 East Elliot, LLC (affiliates of LNR Partners) in the marketing and sale of the assets. The buyers, L.S.S., Inc. on Rodeo Park and Jabbell Holdings, LLC on Val Vista Marketplace, purchased the assets via Auction.com. On Rodeo Park, the buyer plans to retain Voit’s current leasing team, directed by Ault, in the continuing lease-up of the center.
“In both cases, the buyers recognized the increasing potential in recent tenant interest we’ve had on several of the vacancies, allowing them to develop a realistic timeframe for stabilization,” according to Ault.
Purchased as part of Auction.com’s Q-4 2014 national commercial real estate event, Tappen notes, “As we’ve successfully done on several prior Auction.com assets, we hustle within a short timeframe to provide buyers as much underwriting assistance as possible to ensure the Seller is dealing with well-informed bidders.”
“We’ve been working with Auction.com on varying assets for the past 3-4 years and have found that on assignments similar to Rodeo Park, the combination of Auction.com’s far-reaching, broad-based marketing and our ability to generate significant interest in advance of the auction, typically results in more qualified participation on the bid day and a more favorable resolution for the Seller,” notes Beauchamp.