California Buyer Puts Up $24M for 227,100-SF Asset

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.