According to David Doupe, managing director with Jones Lang LaSalle's capital markets group, Weingarten beat out other contenders from the six-month marketing period because of its price. "They're making a heavy push to expand further into the Southwest and they already have a base of operations in Phoenix," says Doupe, who represented the local seller, Bourn Partners LLC. The portfolio's average occupancy is 88%.
The 286,800-sf Oracle Wetmore at 435 W Wetmore Rd., the 253,600-sf Oracle Crossings at 7645 N. Oracle Rd. and the 88,700-sf Entrada De Oro at 1985 E River Rd. are new. Doupe tells GlobeSt.com that all were under construction when the portfolio's marketing program was launched last spring. He says the closings took a little longer because loans on three centers were assumable.
Two years ago, Bourn acquired the other three centers: the 96,700-sf Madera Village at 9165 E Tanque Verde Rd.; 43,900-sf Shoppes at Bears Path at 8800-98 E. Tanque Verde Rd.; and 10,300-sf Scottsdale Horizon at 14854 N Frank Lloyd Wright Blvd., the only Phoenix property. Minor upgrades were made to those centers.
"Bourn wanted to generate a capital event for its partners," Doupe continues, explaining why the company decided to sell the portfolio. "This was a way for them to recapitalize. They have a fairly sizeable development pipeline and they wanted to continue with their newer efforts." JLL managing director Lawrence Krasner and vice president Cheri Pierce partnered with Doupe.
© Arc, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to TMSalesOperations@arc-network.com. For more information visit Asset & Logo Licensing.