"A lot of interest was generated due to fact that it was aproperty anchored by a Wal-Mart Supercenter," Mike Day, aninvestment adviser with Sperry Van Ness in Phoenix, tellsGlobeSt.com. Located at 6005 E. Southern Ave., the 2.8-acre SuperWal-Mart Shops are fully leased to Jackson Hewitt, Advance America,Sunshine Nails and China Star Buffet.

The single-story building was still under construction when itwent on the market, according to Day. Both marketing and escrowlasted several months, with the sale finally closing at a 7.8% caprate and $317 per sf. Rents are expected to range from $20 per sfto $25 per sf. Acquisition financing at a 75% loan-to-value ratiowas obtained from Jackson Federal Bank of Brea, CA.

Based in Santa Ana, CA, seller Superstition Springs LLC's modusoperandi has been to quickly build and sell retail properties inand around Phoenix, Day says. Laguna Beach, CA-based Joshua MobileHome Park LLC beat out six other offers and brought the high bidbarely below the listing price. Day and Shari Tucker of Sperry VanNess represented the seller; Mike Wolfe of ReMax Commercialbargained for the buyer.