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New Retail Center Trades Hands for $6M

PHOENIX-California buyers pick up the 19,000-sf Tatum Ranch Shopping Center, paying $5.5 million for a new piece of real estate in a high-growth residential area. The asset, not yet stabilized, is at least 75% occupied and steadily climbing.

By Jennifer D. Duell | Updated on September 10, 2004

Jennifer D. Duell is on special assignment for GlobeSt.com.

PHOENIX- A group of friends and family from Northern California pooled their money to buy a newly constructed retail center for $5.5 million from the developer WE Tatum LLC.

At close, the 19,000-sf Tatum Ranch was not yet stabilized, says Ryan Schubert, a senior associate with Grubb & Ellis/BRE Commercial LLC who represented the seller along with Brian Kocour and Greg Valladao. “It was about 75 or 80% leased and the buyer bought it based on stabilized income,” Schubert tells GlobeSt.com about the 29850 N. Tatum Blvd. property. “In this market people are willing to pay for income that’s not there because of the long-term value.”

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