"This is a strip center with a freestanding Starbucks drive-through on the corner. It's close to downtown Tempe, near Arizona State University. It's a strong intersection, with a lot of new condos and other residential development going on in the area," says Steve Julius with Marcus & Millichap Real Estate Investment Brokerage Co.'s Phoenix office. He and colleague Marcus Muirhead represented the buyer, David Christenholtz, in the deal for the 825 W. University Dr. center, which has just two other tenants, both restaurants.

Julius tells GlobeSt.com that while the 24-year-old center won't require a great deal of rehab, the buyer will expend his energies on trying to fill two remaining vacancies. It was 73% leased at sale time. "The buyer already owns quite a few things in the area, from office buildings to shopping centers," he says. "We've had a strong relationship with him and he knows the area very well." The seller of record, 39 on 48 LLC, had principal Brad Wilde negotiating terms for the Phoenix investment group.