Aric Browne, a managing director for Encino, CA-based EthanChristopher, acknowledges the company had slowed its acquisitionrate of the past 18 months due to the overheated market and a lotof buyers competing for the same product. He says a slowdown of themarket and more realistic economics meant it made good sense toacquire the 1980s-era shopping center at 6750 Peoria Ave. from aColorado Springs, Co-based partnership among Diamante CrossroadsPlaza LLC, Larry D. Howard Living Trust and Sheridan Park.

Browne says Crossroads Plaza, situated on a little more than 15acres, won't require any major upgrade, but the new owner does planto put in money to freshen up landscaping, lighting and vacantspace. He says the roster includes several long-term tenants,including Goodwill, Dollar Tree and Tuesday Morning. "The two majoranchors are in the top echelon of performing stores in Arizona,"Browne tells GlobeSt.com. "No one's leaving anytime soon."

Browne says he and Ethan Christopher partners Mark Hamermesh andGary Grabel plan to hold Crossroads Plaza for the long term. "Thething we're excited about is, as difficult as the market is rightnow, we can improve performance during the downturn, which willimprove the value as the economy recovers," Browne emphasizes.