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PHOENIX-The Phoenix office of Los Angeles-based CB Richard Ellis closes the year with $110 million in retail transactions. The Phoenix team has completed six of the leading 10 shopping centers in 2001 in the region.

“Especially in light of the way the economy has behaved this year, our brokers, while always strong, are to be commended for having done a remarkable job,” says Pete Bolton, senior managing director in Phoenix.

The most expensive sale brought $32.5 million for the 130,096-sf Casa Paloma at 7131 W. Ray Rd. in Chandler. A close second was held by the $31.5-million sale of the 326,000-sf Outlets at Anthem at 4250 W. Anthem Way in Phoenix. Third place went to the 281,494-sf Mesa Pavilions, located at 3902 E. Hampton Ave., which fetched $31.3 million.

The Desert Palms Power Center, which just closed, wrought $27.6 million for 330,978 sf of retail space. The Phoenix center is positioned at 3721 E. Thomas Rd. The 240,835-sf Groves Power Center at 1050 W. Elliot Rd. in Tempe closed at $23.9 million and Peoria’s North Valley Power Center reaped a little more than $14 million when it changed hands. The North Valley Center, totaling 114,013 sf, is situated at 8235 W. Bell Rd.

Buyers put up $13.7 million for the 123,740-sf Arrowhead Marketplace at 8154 W. Bell Rd. Rd. in Glendale limits while another investment group shelled out $13.2 million for the 107,662-sf Palm Valley Marketplace, positioned at 14175 W. Indian School Rd. in the suburb of Goodyear. The 116,282-sf Signal Butte Marketplace at 10715 E. Main St. in Mesa sold for $12.6 million this year and Carefree Court, an 84,951-sf center at 36889 Tom Darlington Rd. in Carefree for $10.8 million.

In the latest UCR/ChainLinks report, the Phoenix area continues to be a strong retail market as new and existing retailers and restaurants “press the demand for new stores.” Researchers say power centers and regional malls have the dominant edge, with grocery-anchored centers trailing the demand. “Grocery stores and large retail boxes are seeking retail urban locations, but there are few opportunities available,” according to a market analysis. Small shop space in new grocery-anchored centers is pulling $18 per sf to $25 per sf.

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