September 8, 2011—California Investors Acquire Tucson Strip Center

By: John Walz
COSTAR GROUP
September 8, 2011
Emanuel Yashari of Santa Monica-based Emma Corporation and Frank Pournazarian of Encino-based Parkford Properties purchased the 34,950-square-foot Eastridge Plaza shopping center for $2.64 million, or about $75.50 per square foot, from San Francisco’s Bank of the Orient in an REO sale.Eastridge Plaza, consisting of two buildings at 7601 and 7605-7667 E. Speedway Blvd. in Tucson, AZ, was constructed in 1983 and is anchored by closeout retailer Tuesday Morning. The property, which went into foreclosure in April, was reportedly about 70 percent occupied at the time of sale.Phil Voorhees of CB Richard Ellis in Newport Beach represented the buyers, while Anton Qiu of San Francisco’s TRI Commercial / CORFAC International and Greg Furrier of Tucson’s PICOR Commercial Real Estate Services represented Bank of the Orient.

http://www.costar.com/News/Article/California-Investors-Acquire-Tucson-Strip-Center/131830