Phoenix -- Karlin Real Estate has acquired through foreclosure two Phoenix, AZ-area shopping centers totaling nearly 220,000 sq. ft., following the firm's purchase of a non performing loan portfolio with an aggregate unpaid principal of approximately $65.5 million.
The centers include The Boulevard at Surprise Pointe is a 201,223 sq.-ft. lifestyle center in Surprise, AZ. Anchored by a Walgreens and UltraStar Cinemas, the center also includes a partially completed 60,000-sq.-ft. bowling center and more than 125,000 square feet of in-line retail space and pads. Built in 2009, The Boulevard at Surprise Pointe is the retail component of Surprise Pointe, a 290-acre master planned commercial business park, in Surprise, Ariz., 45 miles northwest of downtown Phoenix.
The other center is Thunderbird Marketplace is an 18,711-sq.-ft. strip center located at West Thunderbird Road at Interstate 17. Karlin subsequently sold Thunderbird Marketplace to a buyer in an off-market transaction.