"This project had been on and off market for some time. When wedecided to reinstate a marketing program that the seller was happywith, these guys were looking for this kind of deal," Cam Stanton,a first vice president at CB Richard Ellis Inc. in Phoenix, tellsGlobeSt.com. "They're one of the most active buyers in the Phoenixarea."

Ethan Christopher Valley Fair LLC of Encino, CA, made the onlyoffer on the 90,862-sf center at 65 E. Southern Ave. after a monthon the market. The buyer obtained acquisition financing from GMACCommercial Mortgage of Horsham, PA.

The eight-acre Valley Fair, positioned two miles south ofArizona State University, was built in 1962 and rehabilitated andexpanded by about 5,000 sf in 1994. The purchase brings the buyer'sPhoenix retail portfolio up to nine properties, ranging in sizefrom 40,000 sf to about 160,000 sf, says Stanton.