LB - Yavapai College 242-15

Home | Classifieds | Place an Ad | Public Notices | Subscriber Services | 928 Media Lab | Real Estate Search | Galleries | Obits | Yellow Pages | TV Listings | Contact Us
The Prescott Daily Courier | Prescott, Arizona

home : business : business June 29, 2015


4/26/2012 9:56:00 PM
Depot Marketplace sells for $11.2 million
CBRE/Courtesy photo
The Depot Marketplace shopping center at the intersection of Montezuma 
and Sheldon in Prescott has been sold to an investor group for $11.2 million.
CBRE/Courtesy photo
The Depot Marketplace shopping center at the intersection of Montezuma and Sheldon in Prescott has been sold to an investor group for $11.2 million.
Jason Soifer
The Daily Courier

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.






    Most Viewed     Recently Commented
•   'Good Morning Arizona' heads to Prescott (2094 views)

•   Adults, dogs rescued in West Clear Creek (1564 views)

•   Fire in Mayer under control thanks to rain (1512 views)

•   YRMC leaders debunk rumors about possible takeover; promise community-run hospital to continue (1325 views)

•   Meet the owners of the Prescott Golf & Country Club (1034 views)





Article Comment Submission Form
Comments are not posted immediately. Submissions must adhere to our Use of Service Terms of Use agreement. Rambling or nonsensical comments may not be posted. Comments are limited to Facebook character limits. In order for us to reasonably manage this feature we may limit excessive comment entries.
Submit an Article Comment
First Name:
Required
Last Name:
Required
Telephone:
Required
Email:
Required
Comment:
Required
Passcode:
Anti-SPAM Passcode Click here to see a new mix of characters.
This is an anti-SPAM device. It is not case sensitive.
   


Advanced Search

HSE - We want to hear from you
HSE - dCourier App
HSE- Rants&Raves
HSE - Prescott Center for the Arts






Quick Links
 •  Submit site feedback or questions

 •  Submit your milestone notice

 •  Submit your letter to the editor

 •  Submit a news tip or story idea

 •  Place a classified ad online now

 •  Browse the Yellow Pages

Find It Features Blogs Milestones Extras Submit Other Publications Links
Classifieds | Subscriber Services | Real Estate Search | Galleries | Find Prescott Jobs | e-News | RSS | Site Map | Contact Us
LB - dCourier App

© Copyright 2015 Western News&Info, Inc.® The Daily Courier is the information source for Prescott area communities in Northern Arizona. Original content may not be reprinted or distributed without the written permission of Prescott Newspapers, Inc. Prescott Newspapers Online is a service of Prescott Newspapers Inc. By using the Site, dcourier.com ®, you agree to abide and be bound by the Site's terms of use and Privacy Policy, which prohibit commercial use of any information on the Site. Click here to submit your questions, comments or suggestions. Prescott Newspapers Online is a proud publication of Western News&Info, Inc.® All Rights Reserved.

Software © 1998-2015 1up! Software, All Rights Reserved