"This never really hit the market. I listed it and a few dayslater, saw the buyer in a restaurant, we talked and made the deal,"says Ken Elmer, principal with EBS & Associates in Scottsdale.Elmer, who represented Las Sendas Villages LLC in Chandler, AZ,says the buyer, Emerging Commercial Exchange II, won't need to makeany upgrades to the asset at 2855 N. Power Rd.

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"This is a high-end retail center with a pretty solid leaseroll," Elmer tells GlobeSt.com. "There isn't a lot of turnovercoming any time soon." Tenants are mainly local and regionalrestaurants and retailers, including Cosmo Salon & Day Spa,Bella Blue Boutique, Coco Milano's and Elaine Todd's DistinctiveGifts. Restaurants include Egg and I, Indigo Joe's Sports Pub andRestaurant and Pacific Bay Co. The quoted rent is $32 per sf,triple net.

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Built in the early 2000s, the center at Power and McDowell roadswas the first specialty retail center in East Mesa. The Village atLas Sendas serves the 2,400-acre, master-planned Las Sendas,consisting of single-family homes, a small retail component andoffice condominiums. Las Sendas is located in the city'snortheastern quadrant near Usery Mountain.

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Elmer says the Village at Las Sendas serves a high-growth, uppermiddle-class area, with little competition in the neighborhood."The median household income within a one-mile radius is $76,000per year," he adds.

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