4232 W Bell Rd - 43rd & Bell

Bell Park Center is a grocery shadow-anchored shopping center in Glendale, Arizona. The property consists of approximately 33,480-square feet of inline shop space surrounding a 68,761-square foot Albertson's grocery store (not included). The offering consists of two sections, Bell Park I and Bell Park II. Bell Park I is on the western side of the center and includes tenants Hobby Bench, Subway, and Enterprise Rent A Car. Bell Park I was constructed in 1986 and remodeled in 2002.
Bell Park I is encumbered by a loan from American Investors Life Insurance Company with an interest rate of 5.65 percent, fully amortizing over 15 years. This loan must be assumed. Bell Park II is on the eastern side of the center and includes tenants Washington Mutual, Supercuts, Papa John's Pizza, Mountainview Coffee, and Arce Taekwondo. Bell Park II was developed new in 2002. Bell Park II is encumbered by a loan from Archon Financial with an interest rate of 5.12 percent, interest only. This loan must also be assumed. There is an opportunity to refinance both loans in December 2007 As whole, the shopping center is 96 percent occupied and has an average rent of $20.50 per square foot. All leases are NNN and cover the cost of CAMs, Property Taxes, Insurance and Management. The entire shopping center, including the Albertson's, was remodeled in 2002, at the time of the construction of Bell Park II.