"They (Sol Hoff) own an adjacent property so this deal helped create some good synergy for them," Steve Gonzalez, a senior investment associate with Marcus & Millichap in Phoenix, tells GlobeSt.com. Both the 21,756-sf center and stand-alone 2,500-sf build-to-suit for Panda Express were built in 2000 at 1712 E. Guadalupe Road in South Tempe. Panda Express, a Rosemead, CA-based quick-serve gourmet Chinese restaurant chain, has a 20-year lease.

Sol Hoff Co. obtained a 10-year loan at 75% loan-to-value from California-based Affinity Bank at a starting interest rate of 4.5%. Thanks to brokers' previous relationships with both buyer and seller, the deal was negotiated in less than a month and closing lasted approximately 60 days, Gonzalez says of an off-market trade.

Santa Fe Palms' tenants include Washington Mutual, Rubio's Mexican restaurant, Pizza Hut and Quiznos. Gonzalez and Jamie Medress of Marcus & Millichap represented the buyer while Greg Pavich of Prime Commercial Inc. in Midvale, UT represented the seller.