"This was a prized asset in the master-planned community of Anthem," Jan Fincham, with Lee & Associates Arizona, tells GlobeSt.com of the neighborhood shopping center located at Anthem Way and Gavilan Peak Parkway in northwest Phoenix. Fincham says the property, developed by seller Pederson LLC, which has built several shopping centers in the metropolitan Phoenix market, wasn't on the market when buyer Regency Centers moved in with an offer. The Jacksonville, FL-based REIT closed the deal Friday.

Located in a 104-acre commercial center near the entrance to a sprawling, upscale Del Webb-planned community, the 96%-occupied shopping center was built in two phases during 2002 and 2003. The retail complex is anchored by a Safeway grocery store and an Ace Hardware store and houses several restaurants and retail shops, including a Blockbuster video store and Leslies Pools.

Four undeveloped pad sites adjacent to the plaza, which are expected to be turned into restaurants, also were part of the deal. Fincham says Regency Centers, which owns 262 retail properties nationwide with a value of $3.2 billion, currently is negotiating with several tenants for the pad sites. He and Patrick Dempsey, also with Lee & Associates Arizona, handled the transaction on behalf of both parties.

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