Jan Fincham and Patrick Dempsey, both of Phoenix-based Lee & Associates Arizona, represented the seller of record, Grace 91st LLC, led by W.M. Grace of Phoenix. Bob Jastrab of Realty Executives of Phoenix negotiated the acquisition for the buyer, Allied Trading & Transacting NV. Grace is a merchant builder who brought the project to market last year.

The center is situated at the southeast corner of Loop 101 and Peoria Avenue. Its tenant roster includes Staples, PetsMart, Greenbacks, Peter Piper Pizza and Big 5 Sporting Goods.

Fincham tells GlobeSt.com that he and Dempsey have been working on the sale of the building for nearly a year. The market has changed a lot in the process, he says, adding that it would not be easy to find a property like the super center in the current environment, where stabilized retail product has become a commodity. The lack of product, Fincham explains, is all part of a natural cycle. When development is slow, investors get into a buying mode because there is less competing product. When the development pipeline is hot, investors retreat fearing the onslaught of new product and its requisite problems for building owners.

Fincham says the development pipeline, which has been slow in Phoenix of late, will not pick up until the national economy does. But, the investment pipeline is sizzling: he has one retail and two office deals due to close in the next seven days.