CHANDLER, AZ-A Southern California investor has exchanged out of family farmland in the Golden State to acquire the 67,130-sf Chandler Commons for $8.88 million. The deal brings a new investor to the metro and lets Sun Life Assurance Co. exit the region's retail market.
San Francisco-based Tri-Oak Financial Corp.'s market entry is a 10-year-old center, including the Basha's grocery anchor, at 1909 E. Ray Rd. The 97%-leased center is positioned in a predominately residential area, where its mix of neighborhood services and national name franchises like Subway and Coldstone Creamery would be in high demand.
The Toronto-headquartered Sun Life isn't exiting the market although it's sold all the retail that it owns in the region. "They have office product in Phoenix and is doing deals in Texas right now," says Greg Valladao, vice president for Phoenix-based Grubb & Ellis |BRE Commercial LLC. He and associate Ryan Schubert represented Sun Life, which recently got $24 million for the 159,079-sf Sun Village Fair in Chandler. It's uncertain if Sun Life, a subsidiary of Sun Life Financial Inc., will eventually invest in other retail properties in the metro.
Valladao tells GlobeSt.com that Sun Life put Chandler Commons on the market because it was at the end of its holding period. During the 90-day marketing, the seller received eight offers. The broker says the buyer's due diligence and exchange funds were the dealmakers from Sun Life's perspective. Tri Oak Financial had Ed Chui with Pacific Rim Investment Services in San Francisco as its broker for the deal.
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