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5/27/15
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A private investor in a 1031 exchange paid $10.2 mil for Sunrise Center, a 49k sf ($206/sf) Fresh & Easy Market-anchored shopping center in Palm Springs. The purchase was financed with a $7.1 mil loan arranged by Marcus & Millichap Capital Corp.
The property was built in 1985 and renovated in 2009. At the time of the sale, the center was 96 percent leased. Tenants include VIP Urgent Care, Palm Liquors, Power of Fitness, and Regal Cleaners.
The financing was structured with a 10-year term amortized over 30 years with a fixed interest rate of 4 percent. The loan-to-value is 70 percent.
Sharone Sabar, first vice president capital markets, arranged the debt placement. Gregory Mills, senior vice president investments, and Dave Lincoln, first vice president investments, represented the seller. Jack Hopkins, vice president investments, and Matthew Hardke, associate, repped the buyer.
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