PHOENIX-Capitalizing on future light rail development, a local partnership has bought the 76,326-sf Park Lee Shopping Center for $10 million. The buyer beat its competition with its understanding of light rail developments, including the condemnation process.

Shari A. Tucker-Gasser, senior investment adviser for Sperry Van Ness in Phoenix, says Joseph Rich of Southern California had owned the fully leased asset at 1635 W. Camelback Rd. for three years. “He’s not in the business of doing redevelopment,” she explains. “This needed some rehab and because the area is evolving because of the light rail, he felt it was a perfect time to sell.”

The seller’s broker tells that the center’s location triggered a bidding war during the 90-day marketing period. “The only reason the marketing took so long was because every time we thought we had a good offer, someone else would step up,” she says. “We must have done the best-and-final two or three times before we finally stopped and made a decision.”

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