Challenges the SVN team faced in selling the 8.3-acre property at 260 Voice Rd. included a declining economy, disappearing liquidity and diminishing consumer confidence. The owner, reportedly a hedge fund managed by Stillwater Capital, "needed an exit strategy" and listed the center in the beginning of the recession.

"The major obstacle was the existing mortgage, which required an assumption," says French, SVN's national director of retail, in a release. "Due to its low LTV, a significant amount of capital was required to complete this transaction, which drastically limited the pool of potential buyers." SVN marketed the property for 10 months and distributed more than 175 sale packages.

The hedge fund and its operating partners, Reuven Kahane and Ian Deutsch of Voice Road JV, LLC, bought the shopping center in December 2006 from Rochester, NY-based First Allied Corp. for $35.3 million. The buyer in Wednesday's transaction was not disclosed, but is described in the release as a 1031 multifamily investor with equity to invest. Florida-based Double Click Realty referred the buyer.