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MESA, AZ-Unistap Investors LLC of Eureka, CA has increased its holdings in the Phoenix area with the off-market acquisition of 24,568 sf of inline space in an Albertsons-anchored neighborhood center. The deal puts $6.6 million into the till of its Scottsdale developer Barclay Holdings IX LLC.

Located at the northeast corner of University and Stapley drives, the property was purchased to satisfy a 1031 exchange for Unistap, replacing a "develop and hold" strategy for Barclay Holdings. "This is a good, long-term stable yield property," notes Patrick Dempsey, who with Jan Fincham and Kevin Kopp of Phoenix-based Lee & Associates Arizona represented both parties in the transaction.

Dempsey tells GlobeSt.com that, as part of the deal, Unistap assumed the property's loan, which has a 6.8% fixed-rate interest and a 2011 due date. The new owners do not plan any changes or renovations to the property.

Built in 2000, the center is anchored by a corporate-owned Albertsons grocery store, with approximately 60,000 sf, which was not part of the transaction. The neighborhood center's tenants include Subway, GNC, Paddock Pools and Blockbuster Video. The quoted lease rate for the 100% occupied center is $17 per sf to $18 per sf. "The leases are spread out during the next three to four years, but no major tenants will roll during the next couple of years," Kopp tells GlobeSt.com.

Kopp adds the transaction was a good match for both parties, which have additional property in the Phoenix area. "Barclay is an active developer of shopping centers in the metro Phoenix area and Unistap buys a lot of properties like this one," he says.

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Phoenix
Retail