Phoenix -- Los Angeles-based Karlin Real Estate said it has acquired through foreclosure two Phoenix-area shopping centers totaling nearly 220,000 sq. ft.
The move follows the firm's purchase of a non-performing loan portfolio with an aggregate unpaid principal of approximately $65.5 million.
The Boulevard at Surprise Pointe is a 201,223-sq.-ft. lifestyle center in Surprise, Ariz., anchored by a Walgreens and UltraStar Cinemas.
Thunderbird Marketplace is an 18,711-sq.-ft. strip center, Karlin subsequently sold to a buyer in an off-market transaction.