Hannay Investment Properties Sells Desert Canyon Shopping Center While Acting as Receiver

Online, April 27, 2011 (Newswire.com) - Phoenix-based Hannay Investment Properties, recently completed the sale of Desert Canyon Shopping Center in Scottsdale, Arizona while acting as the court appointed receiver.

Hannay, as court appointed receiver, conducted the sale of Desert Canyon Shopping Center in Scottsdale, Arizona, to Whitestone REIT. Desert Canyon is a 62,533 square foot retail center and lists Kindercare Learning Center, Ship Rite and Twisted Lizard restaurant among other existing tenants. The property is located at 10421 E. McDowell Mountain Ranch Road in Scottsdale. The buyer acquired the retail property for $3,650,000. The previous owner of Desert Canyon was Desert Canyon Center, LLC. The prior owner had defaulted on the property's loan and the special servicer for the loan, Midland Loan Services, had requested that Hannay be appointed as the Receiver to take over the property.

After being appointed by the Maricopa County Superior Court, Hannay managed the property, listed the property for sale, selected the buyer after receiving numerous offers, negotiated the sale agreement with the buyer, and ushered the sale through the court approval process.

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