TEMPE, AZ-A pair of Los Angeles-based companies has taken over 23,792 sf of inline space in Albertsons Plaza for $6 million.
NIR Enterprises LLC has picked up an 88%-leased asset at 6330 S. Rural Rd. that shouldn't be difficult to fill, according to Jan Fincham, a principal with Phoenix-based Lee & Associates Arizona, who helped engineer the deal for seller Natick Guadalupe LLC. "This is a well-located, infill shopping center with good traffic and demos," he explains. "The remainder of the tenancy is stabilized with recent five- and 10-year leases." The grocery anchor, totaling about 55,000 sf, is a corporate-owned location for Albertsons.
The location at the crossroads of Rural and Guadalupe roads was one reason the listing attracted six offers during a five-month marketing period. The buyer rose above the pack because he was coming out of a 1031 exchange from a Los Angeles sale. "He had constraints to meet to satisfy the exchange," Fincham tells GlobeSt.com. "He came in, was focused and had already sold his other property so he had the cash. He was a serious buyer."
Fincham says the buyer also was willing to pay defeasance costs on the old debt to obtain new financing for the acquisition. He adds the current financing came with a standard interest rate that was vastly lower than the previous debt.
Lee & Associates' principals Patrick Dempsey and Kevin Kopp partnered with Fincham to close the deal for the 17-year-old center. John Halberson of Pacific Commercial Capital in Los Angeles represented the buyer.
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