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.
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.
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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