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APACHE JUNCTION, AZ-Junction Shoppes shopping center, a 31,681-sf property shadow-anchored by Walgreen's, Fry's Food & Drug and Blockbuster, has been purchased by a Phoenix buyer for $7.9 million in an off-market transaction.

The center at 183 W. Apache Trail had been listed on the market in early 2005 for an ask lower than the final sales price, Ron Finkel, director of investment sales for Retail Brokers Inc.'s Scottsdale office, tells GlobeSt.com. "We had it listed early on, then when we saw where the market was going, we took it off, then sold it unlisted," says Finkel, who with RBI's Heidi Meyers, represented the seller, SB Junction Shoppes LLC of Phoenix in the transaction.

Finkel says the buyer of record, CHM-SV I LLC, had the cash to purchase the center because of a 1031 exchange in Las Vegas. "He sold some property in Las Vegas, and reinvested it here," Finkel says. Chris Emanuel of Sperry Van Ness' Las Vegas office was the buyer's broker.

Finkel says he has a long relationship with the seller, having helped him acquire the property shortly after its construction in 2001. "I'd worked with the [buyer's] broker in Las Vegas before so this whole deal just came up in conversation," he says, "and it worked."

The center was 95% leased at sale time. The tenant roster is made up of Subway, Fidelity National Title, Mattress Firm, L.A. Weight Loss, Domino's Pizza, H&R Block, Great Clips and Tots Unlimited. An Osco Drug and Taco Bell were not included in the sale nor were the shadow anchors. A Retail Brokers Inc. team has been retained to lease and manage the center.

Instant Insights /

31,681-SF Shopping Center Trades Off Market for $8M

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