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Shopping Center Built Last Year Sells for $32.5 Mil

PHOENIX-A shopping center in fast-growing Chandler that was built last year for $20 million has been purchased by a San Diego investor for $32.5 million.

By D.J. Burrough | Updated on January 19, 2001

PHOENIX-A San Diego investor has purchased a Chandler shopping center for $32.5 million. Sunbelt Management purchased the Casa Paloma shopping center, a 130,000-sf retail center at the southwestern corner of 56th Street and Ray Road. The upscale center is anchored by a Gap, GapKids, Banana Republic, Ann Taylor and A.J. Fine Foods.

The project was developed only last year by Phoenix-based De Rito Partners and Kimco Realty of New York. The partnership spent $20 million to build the center.

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