Happy Canyon SOLD – 4/22/2019

It appears to be official!

The majority of the Happy Canyon Shopping Center has finally sold for $24.2 million. This sale included the existing strip retail, the Dunkin Donuts building the Burger King building and the Duffy Roll building. It did not include the Safeway building, or the 7-11.

The new owner may be seeking to acquire control of the Safeway, and previous court filings indicate he may have secured control of some of the debt on that building.  However, court filings indicate another buyer is under contract to purchase Dragul’s 9.4% interest in the Safeway building and the remainder is owned by several other entities, the majority owner being an Israeli firm.

An article BusinessDen (ARTICLE) is the first published article to accurately report that the buyer is BPI Inc., and that Bradley Calkins, Jr. signed the paperwork. It also reported that “the new owner lives within the community a stone’s-throw from the property and will hold this asset for the long term.”

In the article, one of the brokers involved said he believed the new owner was interested in acquiring the Safeway building (which has a different ownership structure than the Happy Canyon Shops) and moving forward with the food hall concept. He also reported that Tony’s still has a lease in place, but all the other leases which had been previously negotiated, had outs and were no longer in effect.

HC Shoppes

(Map from BusinessDen article)