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Sierra Vista Plaza, a Safeway/Osco
anchored shopping center located in Sierra Vista, Arizona
was acquired for $1,075,000 with 25% down in July 1995
from the FDIC. The NOI was $128,000 based on 73% occupancy.
In April 1998, a new loan was obtained from Heller Financial
(Conduit Loan) in the amount of $1,450,000, with an interest
rate of 7.5%(1.50% over the treasuries), 30 year amortization,
ten year term. As of July 2003, the property is 93% leased
with an approximate NOI of $222,000." As of December 2006,
the property was 100% leased with an approximate NOI of
$260,000. |
