In addition to Young, CBRE brokers Glenn Smigiel, Dave Newquist, Rick Abraham and Steven Brabant represented Larry Feldman in the sale. Union Hills Village is situated at the intersection of Union Hills Drive and 19th Avenue.

Young says Union Hills Village was listed for nine months and spent another nine months in escrow due to outstanding debt issues. Donahue Schriber a private retail REIT based in Costa Mesa, CA, purchased the center as an investment. Schriber was self-represented in the sales negotiations. The buyer currently owns and operates 66 shopping centers, totaling more than 14 million sf, in the Western US.

The 16-year-old Union Hills is 100% occupied. It is the dominant grocery-anchored neighborhood center in the area. Tenants include Safeway, Walgreens and Washington Mutual Bank. Young says the center is situated in a mature submarket and a neighborhood absent of available space for more retail development.

Earlier this month, Feldman told GlobeSt.com that he's turning his attention to Arizona, where demographics provide greater opportunity to buy distressed or value-add properties, the precipitating factor for shifting his focus from his native New York to Arizona. Tucson Foothills Mall is a value-add opportunity, which is why Feldman is trading off Union Hills for the Tucson power center. At last count, Feldman Equities' budding portfolio exceeded 1.4 million sf of retail and office space in Arizona and Florida.