Jan Fincham, principal of Phoenix-based Lee & Associates,says the McKellips and Stapley Fry's Marketplace at 1229 E.McKellips Rd. attracted six offers during a 60-day marketing stint.He tells GlobeSt.com that Daniel L. Campbell and his partners fromWenatchee, WA, came into the bidding with 1031 exchange funds and atrack record of acquiring similar properties in the PacificNorthwest and West Coast. It is the investment group's firstpurchase in Greater Phoenix.


"This particular Fry's is very successful. That's what attractedso much attention to the project--the fact the store drives so muchtraffic," says Fincham, who teamed with Lee & Associatesprincipal Patrick Dempsey to represent the Scottsdale, AZ seller ofthe one-year-old center. The fully leased shopping center's rosterincludes Starbucks, Washington Mutual, 1-800-Flowers, Subway andGolden Spoon Yogurt. Fincham says the new owner will self-managethe asset. Ryan Schubert, first vice president with Grubb &Ellis/BRE Commercial LLC, and partner Michael Hackett representedthe buyer.


Fincham says the seller most likely will deploy capital from thesale into additional construction projects. "They have a largenumber of area developments," Fincham says. "Sometimes they keepthe projects long term, sometimes they'll just build and sell andthen use the proceeds to build more. It's part of their overallbusiness plan."

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