San Diego Buyer Plucks 75,000-SF Center

"This is an individual buyer, so I'm not sure how active he'll be," explains Brian Kocour, senior associate with Grubb & Ellis|BRE Commercial's Phoenix office. Kocour, with Joe Anderson, Louay Alsadek, Peter Curry, Matt Campbell, Brooks Campbell of Grubb & Ellis|BRE Commercial's San Diego office, helped negotiate the transaction for the buyer and seller, 1126 N Scottsdale Road LLC, an entity controlled by Scottsdale Investment Management.

Located at 1126 N. Scottsdale Rd., the 1963-constructed Pure Fitness Plaza is 90.7% leased to nine tenants. "We have one vacancy of 5,000 sf," says Kocour, who with Courtney Auther in Grubb & Ellis/BRE Phoenix is handling leasing activities. "Lamson College occupies close to 17,000 sf, and they might expand into that, which will bring occupancy to 100%."

Pure Fitness, a workout gym, occupies approximately 40% of the center through a long-term lease. Other tenants include Hair & Nail Salon and Iron Bar.

Kocour tells GlobeSt.com that the 43-year-old retail center underwent renovations within the past three years, which included repainting, stone sanding and parking lot resurfacing. As a result, the new owner will have little to do in the way of improvements. "It's a good property and a good income stream for the owner," he adds.