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$39M Gains Title to 330,976-SF Power Center

PHOENIX-Desert Palms, a Wal-Mart-anchored center with a prime infill location, trades for $38.5 million to Dallas-based Sarofim Realty Advisors, which assumes a $21.4-million conduit loan to cross the finish line ahead of a 20-plus pack of bidders.

By Jennifer D. Duell | Updated on July 15, 2005

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PHOENIX-The Dallas-based Sarofim Realty Advisors has emerged as the victor in a highly competitive race for the Desert Palms, a 330,976-sf, Wal-Mart-anchored power center. The property, which experts say garnered more than 20 offers, has traded for $38.5 million.

American Assets Inc. of San Diego was the seller of the fully occupied Desert Palms, an infill asset at 3721-3923 Thomas Rd. “We like Phoenix,” says Lynn Kehoe, Sarofim’s senior vice president of marketing and client services. “We think it’s a nice growth market.” A Home Depot is located on the 47-acre parcel, but it wasn’t part of the sale.

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