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Jewelry Chain Pays $1M for First Valley Property

PHOENIX-Golden West Diamond Corp., a Los Angeles-based jewelry chain that likes to own, puts up $1.2 million for the 14,412-sf Halle Square and immediately changes the name. The deal's sweet spot is a 79% occupancy and room to plant a flag in the Valley.

By Jennifer D. Duell | Updated on March 10, 2005

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PHOENIX-Working an all-cash sale with 1031 exchange funds, a national jewelry chain has purchased a 14,412-sf, class C shopping center for $1.2 million to get its first location in the Valley.

The Los Angeles-based Golden West Diamond Corp., plans to set up shop in about 2,000 sf of a 79%-occupied, 1970s-era center at 12644 N. 28th Dr., according to Steve Julius in the Phoenix office of Marcus & Millichap Real Estate Investment Brokerage Co. “They buy all of their real estate–that is their business plan,” Julius tells GlobeSt.com. “They were also attracted to low price per sf. And, clearly, the buyer wasn’t afraid of the vacancy because the chain will take some of the center.” The jewelry store could open as early as July, he says.

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