X

Thank you for sharing!

Your article was successfully shared with the contacts you provided.

SIERRA VISTA, AZ-In an attempt to place more focus on its core assets in California, Plaza Vista Mall Group LLC of Los Angeles has sold the 227,100-sf Plaza Vista Mall to Howard & Mills Inc. of Northridge, CA for $23.6 million.

Plaza Vista Mall, located at the corner of US Highway 90 bypass and Charleston Road. was 100% occupied at closing time. According to Ramez Barsoum with Reza Investment Group, the property, built in 1988, was on the market for only 45 days and attracted 15 offers. The original ask for the Wal-Mart-anchored asset was $24.1 million.

While Howard & Mills didn’t make the highest offer, “they were chosen because of their pricing and motivation,” says Barsoum, who is vice president of the Irvine, CA brokerage firm. “They were basically the most qualified buyer out of all the high-end offers we received.” SW Realty Partners from Southern California represented the buyer.

Barsoum tells GlobeSt.com that the transaction represents a 1031 exchange for both parties and that the sellers had initially acquired the property as part of another 1031 exchange two years ago. He adds the sellers plan to plow the assets from the sale into California-based properties under the same IRS rule. “The owners are California-based and that’s where they want their core assets, closer to home,” he adds.

Want to continue reading?
Become a Free ALM Digital Reader.

Once you are an ALM digital member, you’ll receive:

  • Unlimited access to GlobeSt and other free ALM publications
  • Access to 15 years of GlobeSt archives
  • Your choice of GlobeSt digital newsletters and over 70 others from popular sister publications
  • 3 free articles* across the ALM subscription network every 30 days
  • Exclusive discounts on ALM events and publications

*May exclude premium content
Already have an account?

Dig Deeper

GlobeSt

Join GlobeSt

Don't miss crucial news and insights you need to make informed commercial real estate decisions. Join GlobeSt.com now!

  • Free unlimited access to GlobeSt.com's trusted and independent team of experts who provide commercial real estate owners, investors, developers, brokers and finance professionals with comprehensive coverage, analysis and best practices necessary to innovate and build business.
  • Exclusive discounts on ALM and GlobeSt events.
  • Access to other award-winning ALM websites including ThinkAdvisor.com and Law.com.

Already have an account? Sign In Now
Join GlobeSt

Copyright © 2020 ALM Media Properties, LLC. All Rights Reserved.