Shari A. Tucker-Gasser, senior investment adviser for Sperry VanNess in Phoenix, says Joseph Rich of Southern California had ownedthe 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 ofthe light rail, he felt it was a perfect time to sell."

The seller's broker tells GlobeSt.com that the center's locationtriggered a bidding war during the 90-day marketing period. "Theonly reason the marketing took so long was because every time wethought 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 wefinally stopped and made a decision."

Tucker-Gasser says the winner, Camelback Vector LLC, wasn't thehighest bidder, but it did have the best understanding of theproperty, which is located half a block away from the future lightrail station at 19th Avenue and Camelback Road. Part of the asset'sland was taken by the City of Phoenix to develop the light railline.