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1/07/20
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Hi Desert Plaza, a 104k sf retail center located at 12160 Hesperia Rd in Victorville, at the northwest quadrant of Bear Valley Rd and Hesperia Rd, was acquired by a T-I-C partnership between two limited liability companies controlled by Hamid Farsai. The asset sold for $15.8 mil, or $152/sf.
The tenant mix at Hi Desert Plaza includes DD's Discounts, Bank of America, Dollar Tree, Aaron's Rents, Leslie's Pools, Jack in the Box, Goodwill and many others. The property features 800 feet of frontage along Bear Valley Rd and has 790 shared common parking spaces.
Scott Hook with Marcus & Millichap and Hook Retail Group represented the buyer in the deal. Patrick Wade and Alex Kozakov with CBRE represented the selling entity, whose manager is Theodore Kruger.
The buyer assumed the existing $10 mil+ CMBS loan, bearing an interest rate of 4.5%, with approximately eight years remaining. Drew Rands of Clearview Finance handled the assumption process of the existing loan. Bullseye Management has been retained for property management of the center.
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