“Payson Village was 87% occupied at the close of escrow and offered an investor the opportunity to add value through lease-up of vacant space, development of a well-located outparcel to the center, and procure historically low interest rate debt,” adds MacLellan.

Tramontano noted that anchor tenant, Bashas', is a regional grocer that has doubled in size over the last decade at Payson Village. “Bashas' is not only a long-term tenant, the store recently completed an interior renovation of its space as further testimony to its success and commitment to its solid location. Investors were able to really see the value in this property as it offers all the fundamentals that make it a sound investment.”

Other tenants at Payson Village include Dollar Tree, Big 5, Native Grill, Jiffy Lube, and Arby's – all of which are doing well in the center. In the coming years, the center's tenants and new ownership will enjoy additional residential development in progress, as well as a proposed 250-acre Arizona State University satellite campus just east of Payson Village with a projected student population of approximately 6,000, with additional employees and faculty. Plans for the campus are in early stages and currently include a research center, student housing, and a convention center.