12/18/2009: CIA Commercial Investment Advisors

Gilbert – KA Phoenix LLC in La Mesa, Calif. (Charles F. Kitzman, principal) paid $10.5 million ($237.23 per foot) to purchase a 44,261-square-foot retail shopping plaza located at the southeast corner of Gilbert and Williams Field roads in Gilbert. The seller was 45 Gilbert Associates LLC in Water Mill, N.Y. (Todd Ziplow, managing partner). Ryan Schubert and Michael Hackett of Grubb & Ellis\BRE Commercial in Phoenix represented the seller in the transaction. The center, called Gilbert Fiesta, is 94 percent occupied. Peter Piper Pizza, Leslie’s Pools and Radio Shack are tenants. Fry’s Food & Drug is the anchor tenant in the center, but was not included in the purchase. The buyer acquired the property with a downpayment of just under $3.419 million and by assuming a loan issued by Wachovia Bank (its successor is Bank of America) with an original principal balance of $7.525 million. The loan assumption was facilitated through Marco Louis of NorthMarq Capital Inc. in Phoenix. The buyer completed the purchase through a 1031 Exchange after selling a mobile home park. Sources say Kitzman is not in the market for any more real estate. In May 2003, BREW reported Ziplow’s company paying $10.75 million ($242.88 per foot) to buy Gilbert Fiesta.