YUMA, AZ-In its first Arizona transaction, Hispanic Real Estate Group of Cleveland has acquired the 107,110-sf Southgate Mall for $8.5 million.
The buyer is a partnership between Forest City Enterprises Inc., Streetscape Equities and the Legaspi Co. The high-powered trio is seeking properties in predominantly Hispanic areas. "These buyers want to take advantage of the strong economic engine that's going on throughout the country," says Anthony Gild, vice president of Sperry Van Ness' San Diego office, who represented the buyer of the 33-year-old mall at the corner of Fourth Avenue and 32nd Street. The Indianapolis-based Simon Property Group LP had the mall on the market for $9.5 million through Tom Salanty with Cushman & Wakefield of Texas Inc.
Gild says the specialty group's general MO is to reposition the acquired properties with "an Hispanic retail trade flavor." He tells GlobeSt.com that the buyer's plans to spend about $40 per sf to reposition and renovate the 60%-leased Southgate Mall.
"Their focus is on some of the prominent Hispanic retailers out there and to attract them to the property," Gild notes. "The Legaspi Co. is focused solely on Hispanic retail leasing."
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