SCI Sells Two Class-A Properties for Over $100 Million

SCI Real Estate Investments, LLC and 34 Tenant-in-Common Co-owners announced the sale of Casa Paloma Shopping Center located in Chandler, Arizona for an undisclosed amount.

Since 2006, SCI has totaled over $409 million in TIC property re-sale dispositions, comprised of over 2.5 million square feet of multifamily, office and retail property. These Class-A, institutional-quality properties have offered investors cash flow and exceptional appreciation.

SCI purchased the Casa Paloma shopping center in 2005 for $43,627,000 because of its prime location and attractive mix of tenants. The 130,096 square-foot shopping center is anchored by a 26,500 square foot AJ’s Fine Foods and has 25 other major retailers including Gap Women, Gap Body, Bath & Body Works and Banana Republic.

Deer Valley Village, an 832-unit luxury apartment community in Phoenix, Arizona is another recent 2008 example of an SCI TIC property reaching its full cycle. In 2004 SCI and 19 TIC co-owners purchased the property for $70,958,000. Located in the highly desirable I-17/Deer Valley employment corridor, which is home to numerous major employers, as well as retail, restaurants and entertainment centers, the property provided a stable occupancy and cash flow to its investors. In April of 2008, SCI and its TIC co-owners sold the property for $85.2 million.

Scott Derrick, SCI’s chief investment officer, who represented SCI in both transactions, said, “We took a look at the assets and saw them as ideal opportunities for our investors. Both had strong tenancy in excellent locations with strong demographics. These are the type of properties that typically perform well.”

Marc Paul, SCI’s president and co-founder, said, “Considering market conditions, our diversified portfolio is stable and our overall performance has remained strong. And despite the credit crunch, SCI is still in the market to buy and sell more Class-A commercial properties.”

SCI is an active principal and one of the nation’s largest tenant-in-common (TIC) sponsors. SCI specializes in buying Class-A commercial properties. Over the past year, SCI has added nearly four million square feet to its nationwide portfolio, now valued at over $1.8 billion. SCI works exclusively through licensed real estate professionals to offer co-ownership interests and 1031 exchange replacement properties to accredited buyers. SCI was founded in 1994 and is headquartered in Los Angeles, California. For additional information, please visit http://www.sciproperties.com.