248,000-SF Sonora Village to
local investors for $46M.
SCOTTSDALE, AZ-Following a 13-year hold of the 248,322-square-foot Sonora Village, Westwood Financial Corp. sold the retail asset to Sonora Village Investors LLC, an entity formed by Phoenix investors Bob Mariash and Ryan Denk. The Los Angeles seller received $46.5 million for the retail property, which was 82% leased at the time of sale.
Westwood financial executive vice president Joe Dykstra says the asset at 15515-15745 N. Hayden Rd. attracted interest from institutional investors and private buyers alike. It was widely marketed for two weeks, the buyer was selected in a week, and the closing took place 60 days later. Ultimately, because Mariash and Denk had acquired a similar property in Denver, “it gave us confidence they knew what they were getting into, and they showed they were hungry to get the deal done,” Dykstra says.
Jan Fincham and Patrick Dempsey with Lee & Associates represented the seller and found the buyer for the shopping center. Zach Pace with Phoenix Commercial Advisors also assisted in the effort. Tenants in the center include Best Buy, Staples, Studio Movie Grill, Party City, Aaron Brothers, Peter Piper Pizza, Chase Bank and Wildflower Bread Co.
Dykstra tells GlobeSt.com that selling Sonora Village was a difficult decision for Westwood Financial because it is a good-quality asset in a well-performing submarket. However, the company is interested in rebalancing its portfolio; proceeds from Sonora’s sale will be invested in properties in the southeast.
Westwood Financial is not pulling out of the Phoenix-area market, however. The company still owns a good chunk of property in the region. “We’ll continue to buy in Phoenix,” Dykstra adds. “Some of the submarkets are nicely recovering there.”