In March, Bones and Abbott guided their client, Seo Properties, LLC to be the successful bidder in a bank owned foreclosure sale of a highly visible and well-located 17,100 square foot retail property. The former Just For Feet and Shoe Pavilion Building in front of Desert Sky Mall, sold for $1,300,000. Last week (eight months later), they represented Seo Properties, LLC in the sale of the same property for $1,900,000.
Seo had planned to hold the property and open its store in the location. After considering the appeal of the building to other users and investors in the marketplace, Seo had Bones and Abbott market the property for sale to see what price they could achieve. With multiple offers generated, Seo decided on private investor Jaime Leon, represented by Luis Montano of Devstar Realty. “There is still good opportunity for investors in our market place especially with bank and special servicer owned deals” commented Bones. Bones and Abbott are working on other similar properties and for further information they can be contacted at De Rito Partners, 480-834-8500.
About De Rito PartnersDe Rito Partners is structured into four entities; Established in 1992, De Rito Partners, Inc., has grown to become one of the largest brokerage firms in Arizona specializing in retail. De Rito Partners, Inc., offers full-service retail brokerage operations, property leasing, sales and tenant representation. The company has 27 seasoned brokers exclusively representing more than 210 shopping center owners and 60 national and local retailers. De Rito Partners, Inc., is also the exclusive Arizona member of Retail Brokers Network, a national real estate powerhouse composed of the foremost retail brokerage firms in the U.S. De Rito Partners Development, Inc., specializes in the development and redevelopment of select retail and mixed-use properties. Ccurrently redeveloping 1.1 million sq ft at The Pavilions at Talking Stick (formerly Scottsdale Pavilions), the company creates retail environments for shoppers; merchants, communities and investors, and has developed 19 first-class retail and auto properties totaling more than 5 million square feet throughout the Greater Phoenix area. Case, Huff & De Rito Retail, LLC., offers premier-quality property management services for retail properties of any size. De Rito Opportunity Investors, LLC., has recently purchased 20 new properties, with plans to add 5 more this year, offers individually tailored retail investments, specializing in acquisitions of distressed retail properties and value added opportunities. www.derito.com.