Pension Fund Sells 139,000-SF Center

The asset was sold by MIG Realty Advisors acting on behalf of the San Jose Police & Fire Pension Fund. Led by broker Heath Charamuga, Grubb & Ellis' Capital Advisory Services Team handled both sides of the transaction. Charamuga declined comment on the negotiated sale price, but local brokers familiar with the property tell GlobeSt.com it was listed at $13.2 million, and one broker said the sale price was "north of $12 million."

Located near Sunrise Mall at 6956-7050 Sunrise Blvd., the center's anchor tenants include Food 4 Less, Hometown Buffet and Hollywood Video. Phase I of the center was built in 1978, Phase II in 1993 and Phase III, which included Hollywood Video, in 1995. Red Mountain will self-manage the property and are currently interviewing brokerages for the leasing assignment.

"Red Mountain Retail Group was determined to acquire this asset form day one and acted quickly and diligently to close the transaction," says Charamuga, whose team members include Bill Liggett, Erik Neese, Rob Cole and Susanne Baker and leasing agent Richard Smith.