This neighborhood shopping center is strategically located in the heart of Phoenix, Arizona and had possessd significant upside potential. Angelo, Gordon & Co., purchased this and two other Phoenix retail properties in 1996 as part of a portfolio at a price which reflected the distressed condition of the properties. Amerimar was brought in by Angelo, Gordon in early 1997 to develop and execute an asset management and disposition strategy. The two other retail properties, Westside Plaza and ABCO Plaza, are also listed with our former holdings.
At Pueblo Pointe, Amerimar purchased a 28,000 square foot in-line anchor store, which up to that point was owned by a third party. Amerimar then leased that box to Wild Oats, an upscale supermarket, and during the summer of 2001 Amerimar completed a $1,000,000 roof and façade renovation. In 2003, the property was sold for a significant profit.