Holualoa pays $20.55 million for Scottsdale Retail Plaza


Scottsdale – A company formed by Holualoa Arizona Inc. in Tucson (Mike Kasser, principal) paid $20.55 million ($126.85 per foot) to buy a 161,997-square-foot retail plaza located at the northwest corner of Scottsdale and Thunderbird roads. The seller was East Thunderbird 05A LLC, by court appointed receiver Gregg Williams of Trident Pacific Real Estate Group Inc. in Scottsdale. The center, called East Thunderbird Square, is anchored by Smart & Final. The plaza has 57,776 sq. ft. of vacant space. Records show the buying entity was Holualoa Scottsdale Retail LLC. That company acquired the retail plaza with a $15 million loan from Wells Fargo Bank. At year-end 2005, BREW reported a company formed by Gary Dragul of GDA Real Estate Services Inc. in Englewood, Co. and Alan Fox of ACF Property Management Inc. in Studio City, Calif. paying $44 million ($260 per foot) to buy East Thunderbird Square. The property has been in receivership since the company headed by Dragul and Fox defaulted on a loan that was secured by the retail project, which has an address of 13802 N. Scottsdale Road. Over the years, BREW has reported companies formed by Holualoa buying and selling numerous investment properties in the Tucson and Phoenix areas.

Aroon Chinai of Holualoa says the company is looking for more apartment projects in the Tucson and Phoenix markets. The company wants value-added deals and will acquire older assets that may need some refurbishment. In June 2011, BREW reported multiple companies controlled by Dragul and Fox facing foreclosure on a retail plaza located directly south of East Thunderbird Square. That 158,309-square-foot center, called East Thunderbird Square North, was collateral on a loan that is in default that had an original principal balance of $50 million.

In March 2006, BREW reported companies formed by Dragul and Fox paying $63.5 million ($401.10 per foot) to buy East Thunderbird Square North, which is located at 14202, 14224, 14344 and 14418 N. Scottsdale Road. In July 2010, BREW reported companies formed by Fox facing foreclosure on 100,000 sq. ft. of retail space in two projects located in the Scottsdale Airpark. While companies formed by Dragul and Fox have lost retail assets in the Valley through foreclosure, other companies formed by the investors have been buying retail properties in the Phoenix area.

Learn more from Chinai at (310) 566-3061. Reach Kasser at (520) 615-1094.


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August 2012