The transaction was part of a 1031 exchange. The seller of 1949W. Ray Rd. was a group formed by Los Angeles investor Alfred Boas,who acquired the property in 2000 for $11.63 million from theResolution Trust Corp.

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Boardwalk at Anderson Springs is anchored by Sprouts FarmersMarket, a Phoenix-based natural foods grocer with 25 stores in thewestern US. Other than a Blockbuster store and Arco gas stationthat occupy pads along the West Ray Road frontage, the tenants areprimarily small local and regional operators. Dave Roger and BrianWard with Retail Brokers Inc. in Scottsdale, AZ have the leasingassignment on the property.

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According to Roger, there are two 2,000-sf spaces available,with triple net rents quoted at $22 per sf to $24 per sf annually.A national retailer has signed a letter of intent for one of thespaces.

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"This is one of those centers where the parking lot is alwaysfilled with cars," Roger tells GlobeSt.com. "Chandler in general isdoing very well."

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West Valley Properties, which specializes in 1031 transactions,has been an active buyer in the Phoenix market. In September, itpaid $34.2 million for a 132,610-sf shopping center in Avondale andspent $18.95 million in May for a 68,700-sf retail center inPeoria. About one-third of the buyer's 2.5-million-sf retailportfolio is located in Arizona.

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According to West Valley principal Jon Rayden, there are nomajor changes planned for Boardwalk at Anderson Springs. The dealwas brokered by Cam Stanton, first vice president of CB RichardEllis in Phoenix. Aetna Life Insurance Co. provided financing forthe acquisition.

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Rayden says West Valley Properties is seeking additional retailand office projects in the state and hopes to close at least onemore deal by the end of the year. Its smallest asset is an 8,000-sfoffice building in Palo Alto, CA. Its largest is the 254,692-sfSouthern Palms shopping center in Tempe, which it acquired from PanPacific Properties in 2005 for $30.39 million.

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