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Karlin Real Estate acquires two Phoenix-area centers


Phoenix -- Los Angeles-based Karlin Real Estate said it has acquired through foreclosure two Phoenix-area shopping centers totaling nearly 220,000 sq. ft.

The move follows the firm's purchase of a non-performing loan portfolio with an aggregate unpaid principal of approximately $65.5 million.

The Boulevard at Surprise Pointe is a 201,223-sq.-ft. lifestyle center in Surprise, Ariz., anchored by a Walgreens and UltraStar Cinemas.

Thunderbird Marketplace is an 18,711-sq.-ft. strip center, Karlin subsequently sold to a buyer in an off-market transaction.

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