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Mon, Oct. 14

San Francisco company buys Village at the Boulders shopping center for $17M

PRESCOTT - A limited liability corporation has bought the Village at the Boulders shopping center here, a representative for the seller announced Wednesday.

Blum Boulders Associates I LLC bought the shopping center - except for the Walmart supercenter - for $17.15 million from Bonanza LLC of Santa Monica, Calif., said Dan Frederiksen, principal with Arizona Commercial and Reza Investment Group. The Village, formerly known as the Ponderosa Plaza, is located on Iron Springs Road and Gail Gardner Way.

Rawson, Blum & Leon, a San Francisco-based commercial real estate company, is the parent company of the LLC.

Tim Noel, vice president of asset management for Rawson, Blum & Leon, said, "We thought it was a great real estate opportunity. There are a number of good anchor tenants that are there. The fact that Walmart is adjacent is an asset. And the basics for the center are the typical type of property that we look for, commercial strip shopping centers."

Noel declined to confirm the sale price from Frederiksen.

Frederiksen said he thinks Bonanza decided to sell the Village because "they accomplished what they wanted to accomplish in renovating the center and filling it up."

Bonanza is affiliated with Pacific Development Partners, Frederiksen said.

He said Rawson, Blum & Leon, RBL for short, owns shopping centers throughout the country and considers Prescott an attractive market.

"They were really drawn to Prescott, probably by the city itself, the demographics, the tenant mix," he said.

Executives from Bonanza were unavailable for comment.

The new owner will continue a professional relationship with Arizona Commercial, which has managed the shopping center since June 2007, Frederiksen said.

"We handled the brokerage on behalf of the former owner," he said. "As a part of that, you develop a relationship with the incoming party."

A search on the website of the Yavapai County Assessor's Office shows Bonanza as being the owner of eight parcels at the shopping center, ranging in size from a quarter- to 7.6 acres. Tenants include Big Lots, Dollar Tree, Jo-Ann Fabric and Craft Stores and Tuesday Morning.

Frederiksen said Bonanza bought the property in the late 1990s and renovated the former Ponderosa Mall around 2004. Bonanza sold a pad to Walmart but kept the remainder of the shopping center.

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