The once dilapidated Wilmot Plaza, which was revitalized by local developers over the past three years, has sold for $47.3 million.
Bourn Companies LLC bought the plaza, at 6371 E. Broadway, in 2013 for $6.2 million and poured millions into its renovation, tearing down old buildings and attracting tenants such as Dick’s Sporting Goods and Nordstrom Rack.
“To transform a tired, almost blighted, commercial property into a vibrant shopping center … is extremely satisfying for our company,” said Bourn partner Alan Tanner. “Personally it’s nice that the ownership group is local.”
DSW Wilmot Plaza LP is the buyer of the 139,000-square-foot center.
Michael Sarabia and partner James Hardman were drawn to the “trophy asset” after seeing its transformation.
“Bourn fully redeveloped the center with an all-star tenant lineup,” DSW said in a statement, noting that its appeal to investors included “the substantial visibility from both Broadway and Wilmot roads, access to the major arterial intersection and close proximity to Park (Place) Mall.”
Toufic Abi-Aad, with Bourn Cos., represented the seller. Sarabia and Hardman represented the buyer.
