"This project had been on and off market for some time. When we decided to reinstate a marketing program that the seller was happy with, these guys were looking for this kind of deal," Cam Stanton, a first vice president at CB Richard Ellis Inc. in Phoenix, tells GlobeSt.com. "They're one of the most active buyers in the Phoenix area."
Ethan Christopher Valley Fair LLC of Encino, CA, made the only offer on the 90,862-sf center at 65 E. Southern Ave. after a month on the market. The buyer obtained acquisition financing from GMAC Commercial Mortgage of Horsham, PA.
The eight-acre Valley Fair, positioned two miles south of Arizona State University, was built in 1962 and rehabilitated and expanded by about 5,000 sf in 1994. The purchase brings the buyer's Phoenix retail portfolio up to nine properties, ranging in size from 40,000 sf to about 160,000 sf, says Stanton.
Seller Carson Real Estate disposed of the shopping center portfolio to concentrate on industrial acquisitions, according to Stanton. Valley Fair, anchored by L.A. Fitness and Popular Outdoor Outfitters, has minimal lease rollover for the next few years, he says. Major-tenant rent ranges from $8.50 per sf to $13 per sf and shop rent ranges from $14 per sf to $16 per sf. Additional tenants include Burger King and Checker Auto Parts. Stanton represented both parties in the deal.
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