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GILBERT, AZ-As part of a 1031 exchange, a private California investor has taken possession of the 9,842-sf Higley Ranch Plaza for $2.65 million or $10,000 less than the ask.

Dr. Ramon Ocampo of San Jose acquired a fully leased, one-year-old center on 1.1 acres at 866 N. Higley Rd. The space is leased to Checker Auto Parts, Higley Road Pet Clinic and Sushi Avenue Asian Dinner.

"The property didn't really fit in well with the seller's portfolio. Their ownership interests typically entail land or grocery-anchored retail," explains Mike Day, senior adviser with Sperry Van Ness' Phoenix office. He and Sperry Van Ness colleagues Ari Spiro and Jeff Chalfin brokered the deal for the local seller, Mariah Properties II LLC. Ara Bezdijian with Colliers International Inc.'s Phoenix office represented the buyer.

Day tells GlobeSt.com that the developer wasn't planning to shop it around when it was first built. "As values increased, it became an opportune time for them to consider selling," he explains.

The buyer's plans, Day continues, calls for a medium-term hold. "He was looking for a good, solid investment in the metro Phoenix area," Day says, "and he definitely got it with this property."

Instant Insights /

California Investor Takes Retail Asset for $3M

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