Depot Marketplace sells for $11.2 million
One of the largest shopping centers in Prescott is under new ownership.
CBRE Commercial Real Estate Services in Phoenix announced Thursday afternoon the sale of the Depot Marketplace shopping center at the intersection of Montezuma and Sheldon streets.
Depot Marketplace Owners LLC of Colorado Springs, Colo., sold the center to Depot Marketplace Investors LLC of Prescott for $11.2 million.
A news release states that the property was redeveloped in 1991 into a shopping center that includes a number of national chains including Walgreens, Staples, Starbucks and Chipotle Mexican Grill.
The center was 92 percent leased at the time of the sale, according to the release.
CBRE Senior Vice President Bob Young, a group of other CBRE agents, and Bebe Wright with Arizona Commercial in Prescott represented the seller.
Young said they began marketing the nearly 92,000-square-foot property about six months ago, and the 90-day escrow window closed Tuesday.
"We had a lot of investor interest," he said.
The sale does not include the Albertson's grocery store, which owns its own pad. The M&I branch and Panda restaurant were also not part of the transaction, according to Young, who said the new ownership group includes at least three investors out of the San Diego area.
Young said Boulder Venture sold the property for more than $10.6 million in April 2001 to the ownership group out of Colorado.
That group's investors got a loan on the property 10 years ago that was coming due.
Young said they got an extension on the loan, but it had to be paid off and, rather than trying to refinance it, their investor group chose to unload it.
"They wanted to go ahead and get their money back out of the deal and go invest in something else, and that's why they decided to sell," he said.