5/13/2009

Faris Lee sells four retail properties totaling $4.595M

by

Bank of America

Macerich, a leading mall operating company, has sold four ground-leased single-tenant retail properties in Phoenix, Ariz, for a total of $4.595 million. The properties are all located within the Paradise Valley Mall.

Richard Walter, president, and Donald MacLellan, senior managing director, of Faris Lee Investments represented the seller in each of the transactions.

Built in 1990 and co-anchored by Costco, Macy's, Sears, JC Penney and Dillards, Paradise Valley Mall includes 1.2 million square feet of retail space, which consists of a variety of shops, dining, service businesses and banking locations.

The transactions are:

- Orange County, Calif.-based Niguel Partners purchased a 2,900-square-foot Arby's and a 2,775-square-foot Wendy's for a total of $1.08 million. The properties are located at 12440 and 12630 N. Tatum Blvd. and sits on 68,820 square feet of land.

- Lang Family Trust purchased a 5,910-square-foot Jared Galleria of Jewelry for $1.5 million. The property is located at 12656 N. Tatum Blvd. and sits on 35,315 square feet of land. Phoenix Commercial Advisors represented the buyer in the transaction.

- Commercial Realty Group purchased a 6,110-square-foot Bank of America for $1.54 million. The property is located at 13008 N. Tatum Blvd. and sits on 60,113 square feet of land.

- Long Beach-based Maverick and EJM Properties purchased a 7,300-square-foot Children's World for $475,000. The property is located at 12801 N. Paradise Village Pkwy. and sits on 35,960 square feet of land.

Built: 1990

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Filed Under: Retail

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