MESA, AZ-A Las Vegas investor has acquired the 122,624-sf Riviera Plaza, with help from a $10.25-million, fixed-rate loan. The buyer purchased the 1970s-constructed retail center for $14.4 million from Riviera Plaza Associates LP of Tucson.
Timothy W. Storey of Newmark Realty Capital, Inc.'s Phoenix office, who arranged financing with PNC Real Estate Finance of Pittsburgh, says the loan was used solely to acquire the property at the corner of Gilbert Road and University Drive. "This wasn't a difficult one to place. We had good interest from other firms," he tells GlobeSt.com. "PNC offered the best terms." The 10-year financing has a 5.92% interest rate with a 30-year amortization and a 70% loan-to-value ratio.
The four-building, single-story center, situated on 10.28 acres, underwent renovation during 2004 and 2005, including the addition of a 7,800-sf structure and retooling another 5,000-sf space for a restaurant. Also overhauled were the landscaping and parking areas.
The center's occupancy hovers 95%. The tenant roster includes Fry's Food Store and other national and regional retailers like Sally Beauty Supply, Panda Express, Coldstone Creamery, H&R Block, Jamba Juice and Hancock Fabrics.
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