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PHOENIX-With plans to do about $200,000 of renovations, Highland Desert Partners, a local retail investor, has purchased the 27,000-sf North Village Shopping Center for $2 million from Los Angeles-based Lederman Bros. Partnership.

“North Village allowed them to expand their portfolio,” says Jason Fessinger, an associate in Phoenix for Dallas-based Trammell Crow Co. He teamed with TCC’s Matt Millinovich to broker the sale for Lederman.

Highland Desert Partners has a portfolio of 12 retail properties spread throughout Arizona. The newest addition, North Village, is a 16-year-old, class C center at 10210 N. 32nd St. The 80%-occupied center’s roster includes CAS Career Services, Verizon Wireless and Saddle & Tack, all in place with three- to five-year leases, Fessinger tells The two-story center leases for $13 per sf to $17 per sf.

Fessinger says the property is a value-add investment opportunity. He and Millinovich will continue to handle the leasing for the central Phoenix center. Highland Desert Partners, represented by Phoenix-based SAF Investments, paid cash for North Village Shopping Center.

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