The transaction was part of a 1031 exchange. The seller of 1949 W. Ray Rd. was a group formed by Los Angeles investor Alfred Boas, who acquired the property in 2000 for $11.63 million from the Resolution Trust Corp.
Boardwalk at Anderson Springs is anchored by Sprouts Farmers Market, a Phoenix-based natural foods grocer with 25 stores in the western US. Other than a Blockbuster store and Arco gas station that occupy pads along the West Ray Road frontage, the tenants are primarily small local and regional operators. Dave Roger and Brian Ward with Retail Brokers Inc. in Scottsdale, AZ have the leasing assignment on the property.
According to Roger, there are two 2,000-sf spaces available, with triple net rents quoted at $22 per sf to $24 per sf annually. A national retailer has signed a letter of intent for one of the spaces.
"This is one of those centers where the parking lot is always filled with cars," Roger tells GlobeSt.com. "Chandler in general is doing very well."
West Valley Properties, which specializes in 1031 transactions, has been an active buyer in the Phoenix market. In September, it paid $34.2 million for a 132,610-sf shopping center in Avondale and spent $18.95 million in May for a 68,700-sf retail center in Peoria. About one-third of the buyer's 2.5-million-sf retail portfolio is located in Arizona.
According to West Valley principal Jon Rayden, there are no major changes planned for Boardwalk at Anderson Springs. The deal was brokered by Cam Stanton, first vice president of CB Richard Ellis in Phoenix. Aetna Life Insurance Co. provided financing for the acquisition.
Rayden says West Valley Properties is seeking additional retail and office projects in the state and hopes to close at least one more deal by the end of the year. Its smallest asset is an 8,000-sf office building in Palo Alto, CA. Its largest is the 254,692-sf Southern Palms shopping center in Tempe, which it acquired from Pan Pacific Properties in 2005 for $30.39 million.
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