MESA, AZ-The brand-new Super Wal-Mart Shops, sitting in the shadow of a super center, sells with a 7.8% cap rate to a California investor with the highest price and best due diligence terms on the table.

TEMPE, AZ-Crown Pacific Properties and AEW Partners team for a second buy in the metro, paying $14.7 million for the 244-unit Lakefront at West Bay. The repositioning plan calls for $1.8 million in renovations in the next nine months.

PHOENIX-A California investment company with tenant in tow buys a 4,500-sf building adjacent to Sky Harbor International Airport. The building will become home to a repair shop for the airport's ground-support equipment.

PHOENIX-Newquist Ault Commercial Properties finalizes a five-year lease for 2,772 sf in the East Gateway Centre. The deal places the Phoenix-based firm squarely in the middle of its development market and pushes a move in mid-June.

TEMPE, AZ-The 50-unit Vale Condominiums, which includes four street-level units for shop space, is the first of its kind to earn a special mixed-use zoning in the city. The first sets of keys turn in December and the balance by midyear 2005.

SCOTTSDALE, AZ-Trapeze Software Group Inc. inks a five-year lease for 10,138 sf in the Village at Hayden mixed-use development. Six months of free rent plus a turnkey build-out helps lure the tenant to the project.

TEMPE, AZ-A Fountain Hills, AZ buyer picks up the 56-unit Casa Grande Apartments for $2.6 million. The asset offers good lease-up potential with few needed improvements.

PHOENIX-LGE Design Build kicks off development of Parkside Business Center with a six-building mix of spec and build-to-suit product for light industrial and office use. As the first wave crests, the developer's already chasing the permit for phase II.