PHOENIX-A Southern California investor has divested of North Ranch Center, a 24,558-sf retail property he'd owned since 1989, for slightly more than $6 million.

Situated on 2.7 acres at 64th Street and Bell Road, the 1985-constructed neighborhood center, listed at $6.8 million, provided a strong investment opportunity for the buyer, a private investor from Phoenix, according to David Guido of Marcus & Millichap Real Estate Investment Brokerage Co. in Phoenix. "This is a property with a high occupancy, relatively low cap rate and a potential rental upside," he tells GlobeSt.com. "There are several years remaining on multiple leases, but as they come up, there is room for increase as the rental rates are conservative for the area." North Ranch Center's occupancy was hovering 90% at sale time, the broker says.

Guido says the center is a slightly older one, but it received a great deal of interest because of its infill location. The buyer was chosen because he was able to pay all cash for the property with a guaranteed timely closing, says Guido, who worked the deal with Joe Campagno, also with Marcus & Millichap.

"He shouldn't have to make improvements," Guido says. "The property has been well-kept and well-maintained."