Nelson Brothers Real Estate Purchases Multi-Tenant Retail Center in Arizona for Tenant-In-Common...

Nelson Brothers Real Estate Purchases Multi-Tenant Retail Center in Arizona
for Tenant-In-Common (TIC) Investors

ALISO VIEJO, Calif. and GOODYEAR, Ariz., July 18 /PRNewswire/ -- Nelson
Brothers Professional Real Estate, LLC (Nelson Bros.), a Southern California
based real estate investment company, has officially closed on their first TIC
transaction with Palm Valley La Piazza Retail Center which was purchased for
$6,800,000 according to the firm's principal and co-founder Patrick Nelson.
(Logo: http://www.newscom.com/cgi-bin/prnh/20080718/LAF018)
The 30,500 square foot property on 4.88 acres located in Goodyear, Ariz.,
was built in 2004 and went under contract in August 2007. It is currently 100%
occupied by 13 tenants on a NNN lease. Located in the heart of the retail
corridor within the high growth area of West Phoenix, the current rents are
40-50% below the neighboring retail and office comparables. Nelson sees this
as a competitive advantage to local retailers given the slower economy and has
mentioned that there have been inquires from other prospective tenants who may
be interested in leasing space at the property. "The tenants are on a
staggered rent roll which provides an exceptional opportunity to maintain
stable income, increase rents and diversify the tenant mix as the current
leases rollover. We have over 100 extra parking spaces which further adds to
the tenants we can attract. We will be working closely with Nobeus Property
Management and foresee some great upside and price advantages in this market."
According to an article in the July issue of Forbes magazine, Goodyear and
its surrounding area is the 4th fastest growing suburb in the U.S. and has
experienced a 143% population growth since 2000 with 41,000 new residents
expected within a 5-mile radius by 2012. Nelson mentioned there is another
mall under development for 1.3 million square feet that will be located down
the street from the center with big wave retailers which will improve the
market value even further.
The initial financing was provided through Suncor Development Company
which, as the developer and lender for the property, did a carry back loan for
the remaining equity for up to 24 months. Nelson notes that they were able to
close the offering in a timely manner for their investors as a result of
working closely with the company, even under the constraints of a financially
challenged real estate market. "We worked hard with our lender and appreciate
the close relationship we have established with them. It's exciting for us to
know that we can build strong relationships with such a respected company as
Suncor."
Nelson Bros. launched their real estate company in 2007 concentrating on
the acquisition, financing and ownership of office, retail and multi-family
properties for TIC investments throughout the West and Southwestern United
States. The TIC investment, as part of a 1031 exchange process, has gained
popularity over the years with property owners seeking passive management
while deferring capital gains taxes on the sale of their investment property.
The firm, owned by brothers Patrick and Brian Nelson, is planning to syndicate
eight to 12 properties for 2008.
For more information contact:
Patrick Nelson, Principal and Co-Founder
(949) 916-7300, ext 201
http://www.1031MBD.com
or
Janet O'Connor
(888) 262-8988

SOURCE Nelson Brothers Real Estate, LLC

Patrick Nelson, Principal and Co-Founder of Nelson Brothers Real Estate, LLC,
+1-949-916-7300, ext. 201; or Janet O'Connor, 1-888-262-8988, President of
O'Connor Creative Inc., for Nelson Brothers Real Estate, LLC