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LA Investors Snag Falcon Gateway for $298 Per SF in Off-Market Trade

MESA, AZ-A California partnership, working a 1031 exchange, has purchased Falcon Gateway, a 59,223-sf shopping center anchored by a 208,000-sf Wal-Mart SuperCenter. The one-year-old center is 98% leased when the deal closes.

By Amy Wolff Sorter | Updated on September 23, 2005

MESA, AZ-Falcon Gate Retail LLC, an investment group from Los Angeles, has scooped up Falcon Gateway, 59,223 sf of class A retail space anchored by a 208,000-sf Wal-Mart Supercenter, in a $17.67-million, off-market deal with its developer, Brown, Greenfield and McKellips LLC of Phoenix.

The Bentonville, AR retail giant’s super store wasn’t part of the deal. Falcon Gateway, completed in 2004 on 7.92 acres at 4505 E. McKellips Rd., is 98% leased. Its roster includes Staples Inc., Payless ShoeSource, Buffalo Wild Wings Grill and Bar, Data Doctors Computer Serices, Subway Restaurant, Panda Express, Sleep America and Fashion Bug. None of the leases will be rolling anytime soon, says Patrick Dempsey with Phoenix-based Lee & Associates Arizona.

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