Diamante LLC, a Denver-based limited liability company headed by Janet Zajac-Spade, has bought into nearly 20,000 sf of shop space in Pepper Ridge Plaza, a neighborhood center at the southeast corner of Cave Creek Road and Union Hills Drive in northeast Phoenix. Phoenix-based GSW4, a limited partnership headed by Bruce Utterback, is the seller of the partial interest, which equates to more than $160 per sf.
Pepper Ridge Plaza is bordered by north Scottsdale to the east and Paradise Valley to the south. Those two areas have some of the most expensive homes in the Valley.
Pepper Ridge Plaza is anchored by an Albertsons grocery store, a Walgreen's drug store and a Burger King, all of which were not included in the sale. The space is occupied by a Hollywood Video, Cigarettes Cheaper and a Papa John's Pizza. Brokers Greg Valladao and Liz Paquette, both of the Phoenix office of Grubb & Ellis Co., have represented both the buyer and seller in the transaction.
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