PHOENIX—The South MountainCrossing shopping center at 3636 W. Southern Ave. in Phoenix, soldfor $11,172,825, or $84 per square foot in an all cash, value-addinvestment sale.

The transaction includes the 132,314-square-foot shopping centerspace, 4 developable pads and a 6.6 acre parcel for future retaildevelopment. Lee & Associates ArizonaFincham/Dempsey Investment Team, led by principalsJan Fincham and Pat Dempsey,facilitated the transaction on behalf of both the owner, RNSouth Mountain Properties, LLC and the buyer,South Mountain Retail, LLC.

Fincham tells GlobeSt.com, “It's a changingsubmarket. The Phoenix city council has been trying to enhancedevelopment in South Phoenix; that area really suffered during theGreat Recession. Residential waned during the crash, but thearea is redeveloped, it's backfilled with tenants, the residentialhas come back, there is a lot of activity and a retail vibrancyhere.”