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PHOENIX-Following a two-week marketing period that generated 15 offers, a local private syndication has sold the 45,125-sf Village Centre for $5.6 million to a California private investor. The property was listed for $5.7 million.

Located at 1939-1957 Dunlap Rd., the shopping center, built in 1986, was 95% occupied. Its tenant roster includes Avon Products, Mariscos Ensenada, Arizona Animal Welfare League, Domino's Pizza and Subway.

"The seller was trying to take advantage of the market and wanting to get top dollar for the property," explains Cam Stanton, first vice president with CB Richard Ellis Inc.'s Phoenix office, who handled the transaction for Village Shopping Center LLC. The buyer, Dominic Ricciardone of Malibu, CA, was represented by Ryan Schubert and Greg Valladao with Grubb & Ellis|BRE Commercial LLC of Phoenix.

Stanton tells GlobeSt.com that the buyer got the nod because "he really made a sincere effort to understand the deal and he was in a 1031 exchange. He also seemed very motivated to put something good together for us."

Stanton adds the property won't require much in the way of improvements or renovations. "It's in reasonably good physical condition," he says. "The buyer's job is to keep it leased."

Instant Insights /

About $6M Claims 45,125-SF Retail Asset

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