(Irvine, CA, 12/10/2019) – Scott Hook, Senior Vice President Investments for Marcus & Millichap and President of the Hook Retail Group, represented the Buyer in the acquisition of Hi Desert Plaza for $15,800,000. The approximate 104,000 square foot retail center is located at the NW Quadrant of Bear Valley Road and Hesperia Road in the City of Victorville, CA. The Buyer entity is a tenants in common partnership between two limited liability companies, which is controlled by Hamid Farsai.
Buyer assumed the existing CMBS loan, bearing an interest rate of 4.5%, with approximately 8 years remaining. Patrick Wade and Alex Kozakov represented the Seller entity, whose Manager is Theodore Kruger. Drew Rands of Clearview Finance handled the assumption process of the $10 million plus loan. Bullseye Management has been retained for property management of the seasoned center anchored by a Dollar Tree Store.
This is the fourth acquisition in which Hook Retail Group and Clearview Finance have represented the Buyer.