The buyers, Dennis Duca and David Peck, bought a portion of Rincon Plaza at 9420 Golf Links Rd., anchored by a corporate-owned, 41,000-sf Safeway grocery store. "We sold it to the current owner 10 months ago. He bought it at the time in a quick all-cash deal. It was almost a distress sale, where the guy who owned it wanted to get rid of it quickly," Jeff Chalfin, a senior adviser at Sperry Van Ness in Phoenix, tells GlobeSt.com. "It had deferred maintenance, month-to-month leases and hadn't been painted in years. He bought it at a good time for cap rates, spruced up the property and solidified the rent roll."

The acquired portion includes a tenant lineup of Goodyear Tire, Subway, UPS Store, Farmers Insurance, Family Dollar and Allied Cash. Very few of those leases, which average $12.50 per sf, expire in the next few years, according to Chalfin. In addition to the grocery anchor, a 13,000-sf Walgreens and pad-site eateries leased to Taco Bell and McDonald's were not part of the sale.

Chalfin says escrow and financing at a 75% loan-to-value ratio were completed in 14 days. Seller 9420 Golf Links LLC, led by principal Dave Christenholz of Phoenix, picked the obvious--a full price offer. "These guys jumped on a plane the next day to check out the property and they accepted a 14-day due diligence," Chalfin says.

Built in 1987, Rincon Plaza is located three miles east of Davis-Monthan Air Force Base. Chalfin, Ari Spiro and Mike Day, all with Sperry Van Ness, represented the seller. Frank Bognuda of San Francisco structured the takeover for the buyer.