Shopping center sold for $12M

Mike Padgett   The Business Journal

A California real estate investment trust is the new owner of the Union Hills Shopping Center in North Phoenix.

Donahue Schriber, based in Costa Mesa, bought the 110,188-square-foot shopping center from Feldman Equities Inc. in Phoenix. The price was $12 million. Schriber represented itself in the sale.

Feldman Equities was represented by Kevin Schuck of Cushman & Wakefield and Bob Young, Glenn Smigiel, Dave Newquist, Rick Abraham and Steven Brabant of CB Richard Ellis' Phoenix office.

The shopping center, located near the intersection of Union Hills Drive and 19th Avenue, is 100 percent occupied. Major tenants include Safeway, Walgreens and Washington Mutual Bank.

When Feldman Equities acquired the property in 1995 for $6.4 million, it was less than 80 percent occupied and in distressed condition.

Feldman Equities has developed or acquired more than 10 million square feet of office and retail space nationwide with a total value of more than $2 million over the last 20 years.

For more information about Feldman Equities, visit its Web site at http://www.feldmanequities.com.

For more information about Donahue Schriber, visit its Web site at http://www.donahueschriber.com.


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