Sources in the real estate industry expect GDA to flip the property to another buy in the near term. The suspected buyer is ACF Property, a Sherman Oaks, CA real estate investment firm.
GDA has purchased a number of retail centers in the Valley, only to hold them temporarily with an eventually sale to ACF Property. In August, GDA sold ACF Property, a 71,500-sf retail plaza at the southeast corner of Southern Avenue and Alma School Road in Mesa. In late 1999, GDA sold another center to ACF, a 117,600-sf retail project at the northeast corner of University Drive and Rural Road in Tempe.
The retail market had one of its best years in 2000, absorbing new space and lowering the overall vacancy rate to 5.47% by year-end, according to a survey by CB Richard Ellis.
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