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CHANDLER, AZ-A 1031 exchange buyer from San Francisco has acquired the 21,770-sf Valle del Sol in an off-market transaction, paying $5.5 million to Phoenix-based developer and owner BC Berge LLC. The new owner is deploying gain from a residential lot sale in Hawaii.

The Valle del Sol at 2050 N. Dobson Rd. is shadow-anchored by one of the Valley's busiest LA Fitness Centers in the Valley, says Tracy Cartledge, a vice president in Phoenix for Dallas-based Trammell Crow Co. "We knew the property would be coming on the market and were able to get control of it before it was listed," he tells GlobeSt.com. "The tenants in Valle del Sol really feed off it." The center's roster includes Starbucks, Quiznos, Valley Vitamin, Jack in the Box and a skincare clinic and nail salon.

Built in two phases from 2003 to 2004, the center is 60% occupied. The 13,870-sf first phase is fully occupied, but the 7,900-sf expansion space is still vacant. "The seller master-leased phase two, guaranteeing the rental stream for six months," Cartledge says. Local firm DeRito Partners Inc. is handling the leasing for Valle del Sol, which has a quoted rate of $24 per sf, triple net.

Cartledge partnered with Robert Buckley and Steve Lindley to negotiate the buy side. Phoenix-based Diversified Partners represented BC Berge in the sale.

Instant Insights /

$6M Hooks 21,770-SF Shopping Center in Off-Market Trade

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