"It became a bidding war," Jan P. Fincham, principal of investment sales for Phoenix-based Lee & Associates Arizona, tells GlobeSt.com. "It was a very highly competitive acquisition process."

Fincham said the deal started quietly when owner, Lamb 4 P's, a family investment group, decided to sell the 113,084-sf property at the northeast corner of Scottsdale Pinnacle Peak roads to focus on other investments. But as word leaked out that the property was available, about eight investors soon began bidding up the $21.5-million asking price in an effort to grab the lucrative plaza.

Scottsdale Pinnacle LP, a partnership controlled by Westwood Financial, of Los Angeles finally won out with a $23.6-million offer for the prime retail corner. The property's location, on one of the few last remaining parcels of privately held land in North Scottsdale, its lack of debt which allowed new, low interest financing and a recently signed 20-year lease by the Safeway grocery store made the competition exceptionally fierce, Fincham said.

"This offered a great opportunity for investors," Fincham added, noting Scottsdale's strong upscale demographics along with the lack of commercial parcels between the Loop 101 and Carefree made the property a stable long-term investment. Besides the Safeway anchor, the fully leased plaza is home to a SuperPumper, Cold Stone Creamery and Subway and several restaurants, dental office and western wear store. Fincham and Patrick A. Dempsey, also a principal in investment sales with Lee & Associates, represented both the seller and buyer in the transaction.