VANCOUVER, CANADA—A Sikh immigrant who emigrated to Canada alone as a teenager and built a business career in Vancouver has acquired a Surprise shopping center and adjacent land for $12.5 million.
Kulwant Sarai’s Imman Enterprises LLC has acquired the Marley Park Plaza shopping center for $11.7 million and an adjoining parcel for $750,000. He hopes to develop another 16,700 square feet of retail space on that land. The shopping center is located at Waddell and Reems roads in the West Valley. The existing center totals just over 77,500 square feet.
Imman financed the purchase with a $7.9 million loan from Wells Fargo.
Nathan and Jack Cardon of Cardon Commercial represented Sarai. Cassidy Turley brokers Michael Hackett and Ryan Schubert represented the seller, Donahue Schriber.
The center includes a Bashas’ grocery store, Starbucks and the Vogue Bistro restaurant.
Nathan Cardon said Sarai emigrated to Canada alone when he was 16.
He already owns Superstition Springs Plaza in Mesa and is considering other possible retail investments in the Phoenix area.