Post by story on Jun 15, 2006 6:18:21 GMT -8
University to buy shopping center
AZUSA - Azusa Pacific University expects to close escrow in August on a retail shopping center on the southeast corner of Alosta and Citrus avenues across the street from its main campus.
The 5.49-acre Promenade Shopping Center property will be renovated and kept as income property, university officials said.
"We wanted to consolidate the real estate investments in our endowment fund and this is a strategic property in Azusa. This property is for investment only and it is not part of our campus development plan," said APU General Counsel Mark Dickerson. "We do not plan to change the nature of its use. We have no plans to change the use of the property from a commercial shopping center at any time."
Tenants include Radio- Shack, Big Lots and Sizzler.
www.sgvtribune.com/news/ci_3939086
AZUSA - Azusa Pacific University expects to close escrow in August on a retail shopping center on the southeast corner of Alosta and Citrus avenues across the street from its main campus.
The 5.49-acre Promenade Shopping Center property will be renovated and kept as income property, university officials said.
"We wanted to consolidate the real estate investments in our endowment fund and this is a strategic property in Azusa. This property is for investment only and it is not part of our campus development plan," said APU General Counsel Mark Dickerson. "We do not plan to change the nature of its use. We have no plans to change the use of the property from a commercial shopping center at any time."
Tenants include Radio- Shack, Big Lots and Sizzler.
www.sgvtribune.com/news/ci_3939086