This Mission-style Marana shopping center was recently sold an investment group that includes a Boca Raton, FL, attorney and city councilman who once won $42k on Jeopardy! What is Dove Mountain?
A group of unspecified investors just purchased Dove Mountain Centre, the 82,500 SF upscale retail center that fronts the Dove Mountain mixed-use development out of an REO for little more than $6M, or $73/SF. Part of that investment included a small stake by Hyannis Investments, whose members include Scott Singer, an attorney and Boca Raton City councilman, and Jeopardy winner last year. While the property is more than half vacant with the former Bashas' Grocery Store dark for more than five years, the in-line spaces are 90% leased. Colliers International's Mindy Korth and Kirk Kuller, and Bourne Advisory Services' Paul Schloss brokered the transaction.
We spoke with Paul and Scott about the transaction. Built in 2006, Dove Mountain has a deep history here: It's part of a the Heritage Highlands, an 8,000-acre master planned community topped by the Ritz-Carlton resort. And the Dove Mountain shopping center, while integral to the overall community, reverted back to the lender after Bashas' went dark. The opportunity for the investors, Paul says, is a rebounding housing market – which should eventually attract another grocer. But given the current paying tenants and at the basis that investors bought the property, Paul says the firm can be “patient with the market.”
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