Rex Frazier, president of JP Realty, tells GlobeSt.com that the buyer's identity is being withheld, but did say it's a local investment group with other commercial real estate holdings in the Southwest. In a press release, JP Realty says the proceeds will be used for general corporate purposes. The firm owns and has interests in 50 properties, consisting of 18 regional malls, 25-anchored community centers, a freestanding retail property and six mixed-use holdings. The portfolio of more than 15.2 million sf spans 10 western states.

JP Realty built the Fry's-anchored center in the early 1980s. It is positioned on 10 acres and represented the only Glendale proper holding for JP Realty. A 54,000-sf Fry's Food & Drug anchors the center. The tenant roster also includes a 99 cent Discount, H&R Block, Radio Shack, Cigarettes Cheaper, Subway, Mail Boxes Etc., Jack in the Box and Le Pollo Loco.

The community center is situated in a growing suburb that carries a projected 2004 population of 481,839 with a 1999 average household income of $43,039 within a five mile radius. In 1999, the community had a 458,469 population. The center's positioning at the intersection of Bethany Home Road and 43rd Avenue bears a 113,000 vehicle daily traffic count.