"This was one of several we owned in the Phoenix area. Occupancy was always good," Tom Pedulla, a vice president at Wellesley Hills, MA-based Sun Life Financial Inc., tells GlobeSt.com about the 2055 N. Alma School Rd. sale. "There were a few other buyers we had spent some time with in terms of negotiating contracts. It took a little time to get to PDG." Sun Life is left with just under 350,000 sf of commercial space in the Phoenix metro: an office building, retail center and industrial warehouse.
PDG America has a pipeline with several other retail acquisitions pending in the metro, says Sun Life's Deborah Tirone, who helped negotiate the deal on behalf of the seller. PDG used funds from a cross-collateralized loan in order to complete the purchase.
The 14-year-old Sun Village Fair has 23 tenants. Sun Life Financial purchased the property in 1996 for investment purposes and plans to use funds from the recent sale for additional acquisitions. Occupancy has remained healthy for several years, maintaining 95% or better.
PDG America's other area holdings include the 185,000-sf Peoria Station in Peoria and the 51,000-sf Lone Mountain Landing in Northeast Phoenix. The firm specializes in acquisition, development and investment in retail properties primarily throughout the Southwestern US. PDG used internal representation to close the Sun Village transaction.
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