The 39,263-sf center, shadow-anchored by a Fry's, boasted a 95% occupancy at closing."The only risk left in the deal is the occupancy," Jeff Chalfin, a retail specialist with Sperry Van Ness in Phoenix, tells GlobeSt.com about the takeover by Ron Finkel of Retail Brokers Inc. "The rents are as low as they can go. It's a good growth part of town, with a lot of new high-end residential and a lot of nice new development."

The 1987-built Greenfield Plaza sits at 4410 East University Dr. and consists of two buildings on 3.6 acres between highways 202 and 60. Family Dollar, American Family Insurance and Edward Jones are among the 14 tenants who keep the center 95% occupied. A vacant Fry's was not included in the transaction. The anchor relocated about five years ago, but still has about 10 years left on its lease at Greenfield Plaza, says Chalfin.

Consequently, rents at the center have dropped to about $10 per sf. Despite a sublease assignment on the Fry's space, Chalfin says he does not expect it to go to a new tenant in the near future. Instead, the new buyer noted the center's high occupancy, potential for raising rents to above $16 per sf and the area's booming residential development as motivators behind the purchase.