ANAHEIM INVESTOR PICKS UP GLENDALE RETAIL PLAZA FOR $11.6+ MILLION  $276 PER FOOT

Glendale – A company formed by investor Rick Heinz in Anaheim, Calif. paid $11.625 million ($276 per foot) to purchase a 42,088-square-foot retail plaza located at the southeast corner of 59th Avenue and Union Hills Drive in Glendale. The seller was a company formed by Ricky Lyons of Champion Partners in Scottsdale. The sale was brokered through Steve Fernandez and Jenifer Lunt of CB Richard Ellis in Phoenix, and Ken Hulbert of GVA Daum in Newport Beach, Calif. The property, called Arrowhead Ranch Plaza, is 87 percent occupied. Financing for the purchase was arranged through MidFirst Bank in Phoenix. Mike Clark of CB Richard Ellis has the leasing assignment. Arizona Commercial Management in Phoenix is managing the project. Heinz is not a newcomer to the Valley real estate market. In January 2003, BREW reported a company formed by Heinz paying $4.1 million to buy a 20,922-square-foot medical office located at 13838 S. 46th Place in Phoenix. Sources say Heinz is not presently interested in buying any more properties in the Phoenix area. Over the years, Lyons and Champion Partners has been buying, selling and developing retail and office properties in the Valley. Champion Partners developed Arrowhead Ranch Plaza last year. That project is next to a 68,000-square-foot office-condominium complex Champion Partners is developing. That 14-building development is sold out. Lyons says Champion Partners is working on plans to develop three additional retail centers in the Phoenix area as well as another office-condominium project. Hulbert is the contact for Heinz . . . reach him at (949) 756-3135. Talk to Lyons at (480) 922-9212. Call the CB agents at (602) 735-5555.

BREW- March 19, 2004 Volume X, Number 11