pacific west land
 

PACIFIC WEST DISTRESSED ASSET FUND

Ahwatukee Hills - SOLD
Cave Creek Plaza
Desert Bloom Plaza - SOLD
Foothills Park Plaza - SOLD
Laveen Village - SOLD
McClintock and Elliot - SOLD
Oasis at the Islands - SOLD
Pepper Ridge Plaza - SOLD
The Plaza in Scottsdale - SOLD
Shops at Tatum & Dynamite - SOLD
Shops at Warm Springs - SOLD
Siena Canyon Square - SOLD
Sunset Commons - SOLD
Village at Surprise - SOLD
Walmart Country Club Shops - SOLD
 
  From the Pacific West Distressed Asset Fund, LLC
Laveen Village Shopping Center - SOLD

 

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Location 6150 S 35th Avenue, Phoenix, AZ 85041
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Acquisition Date August 2010
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Total Investment $8,000,000
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Square Feet 65,529 along with an improved pad
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Tenants Include Church’s Chicken, Sally Beauty, Cigna
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Highlights
Non-performing note purchased at 65% of physical replacement cost
Face value on the note of $15.4M
Leased with 71% occupancy at date of purchase
Walmart shadow anchor
Area population growth of 14% per year for 10 years
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Disposition
Sold Jack in the Box as a separate triple-net lease at a cap rate of 6.5% December 2011 for $1.225M
Sold Office Max as a separate triple-net lease at a cap rate of 9.6% June 2011 for $3.2M
Sold remaining property $7.15M in May 2014
Multiple - 1.67x
Gross IRR - 28.1%
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