Surprise – in La Jolla, Calif. (Joshua Volen, Trevor Smith, managing members) paid $17.5 million to buy a 141,507-square-foot retail plaza and 7+ acres yet to be developed within the Surprise Pointe mixed-use project at the southeast corner of Waddell and Litchfield roads in Surprise. The seller was Karlin Surprise LLC, a company formed by Karlin Real Estate in Los Angeles, Calif. (David Cohen, Matthew Schwab, co-founders). Michael Hackett and Ryan Schubert of Cassidy Turley BRE Commercial in Phoenix brokered the sale. The retail center, called The Boulevard at Surprise Pointe, was 60 percent occupied at closing. Brad Douglass and Chris Hollenbeck of Cassidy Turley have retained the leasing assignment.
The center is anchored by UltraStar Cinemas and Walgreen Drug Store. Karlin has no immediate plans to develop the 7+ acres of adjoining land that was to be developed within The Boulevard at Surprise Pointe. Karlin will look for build-to-suit and ground lease opportunities for six pads that it has available. The buyer acquired the land and buildings in Surprise with a $14.45 million loan from a company formed by Prime Finance Partners in Chicago, Ill. Karlin took title to the retail plaza in Surprise after foreclosing on the property from its previous owner, a company formed by Glimcher Ventures Southwest in Scottsdale. The retail space sold to Volen and Smith is one of three retail properties sold by Karlin that were all collateral on a loan issued to a company formed by Glimcher.
In April 2011, Karlin Real Estate acquired a portfolio of loans from Huntington Bank that were secured by about 200,000 sq. ft. of partially developed retail space and 7+ acres in Surprise, a 18,711-square-foot retail plaza in Phoenix, a land parcel in Denver and a retail building in Georgia. Karlin foreclosed on all of the properties that secured the loan issued to Glimcher and has now sold all of the real estate assets that were in the portfolio. In June, Uphoff Ventures LLC in Chester, Va. paid $4 million ($67.04 per foot) to acquire a 59,669-square-foot, partially completed retail building located next to The Boulevard at Surprise Pointe. That freestanding structure, located at 13525 N. Litchfield Road, is occupied by a bowling alley.
In June 2011, BREW reported Karlin selling a 18,711-square-foot retail plaza at 2737 W. Thunderbird Road in Phoenix that was foreclosed from Glimcher. A company formed by De Rito Partners in Phoenix paid $2.2 million ($117.58 per foot) to acquire that center, which is called Thunderbird Marketplace.
In September, BREW reported Volen and Smith selling a 51,353-square-foot retail property located in Gilbert. The five-building complex, called Ethan Plaza, is comprised of structures located at 1655 and 1675 W. Guadalupe Road and 706, 728 and 734 N. McQueen Road. The buyer in that $9.322 million deal ($181.52 per foot) was a company formed by investor Richard Young in Oceanside, Calif. A company formed by Volen and Smith paid $2.375 million to buy Ethan Plaza in July 2011.
Learn more from Volen at (858) 367-5901. The contact at Karlin Real Estate is Joseph Self . . . call him at (310) 806-9700. The Cassidy Turley agents are at (602) 954-9000.
