“We understand the importance of this property to Lake Havasu City and Mohave County, and are committed to supporting the tenants and improving the performance of the center,” said Phil Jemmett, CEO of Breakwater Equity.
SAN DIEGO, Calif (PRWEB) January 18, 2012
Breakwater Equity Partners, an investor and consulting firm specializing in commercial loan workouts, announced today that it has acquired The Shoppes at Lake Havasu, a 150-acre property with 75 stores and 720,000 square feet located in Lake Havasu, Arizona. Notable retailers in the project include Walmart, JCPenney, Home Depot, Petsmart, Dillard’s and UltraStar cinema.
Opened in 2008 at the peak of the financial crisis, the property has struggled to maintain occupancy and meet projected results due to difficult economic conditions, as well as ongoing litigation involving the property.
“We understand the importance of this property to Lake Havasu City and Mohave County, and are committed to supporting the tenants and improving the performance of the center,” said Phil Jemmett, CEO of Breakwater Equity. “The timing was off for the developer, but we believe that Mohave County and Lake Havasu City will continue to grow and that The Shoppes at Lake Havasu has a strong economic future.”
Breakwater Equity acquired The Shoppes at Lake Havasu from Wolford Development of Chattanooga Tennessee, and is in current negotiations with the lenders to restructure the debt on the property. The acquisition of the property is part of a larger portfolio of retail properties that is being restructured by Breakwater.
“It is important to provide a variety of retail options to local residents,” said Jemmett. “This keeps the sales taxes and jobs in the local community. The Shoppes has already had a positive impact on the community, and we look forward to future success.”
About Breakwater Equity Partners
Breakwater Equity Partners is a privately-owned real estate consulting firm located in San Diego, CA, providing commercial loan workout strategies and negotiation services to property owners and investors throughout the U.S. The Breakwater team, consisting of experts in finance, banking, real estate and law, has worked on over 200 commercial loan workouts throughout the US, with deep experience in a wide variety of real estate classes, including office, industrial, retail, multi-family, mixed use, master-planned communities, residential and land development, golf courses, and farming operations. Breakwater also specializes in Tenant-in-Common loan workouts. Breakwater also invests as a principal alongside its clients. For more information on Breakwater Equity Partners, please call 858-490-3630 or visit http://www.breakwaterequity.com.