"Gill saw more investment opportunities in Arizonathan inCalifornia and wanted to diversify hisportfolio by buying retailinstead of apartments,"says Steve Julius, a strip retail specialistwithMarcus & Millichap Real Estate Investment BrokerageCo.Grand Bell Plaza traded at a cap rate over 8.5%.

Julius tells GlobeSt.com that Grand Bell Plazareceived more thanfive offers, but the fact that theGill partnership plans to put 65%down helped win thedeal. "No one was worried about getting thefinancingbecause of the large down payment," he says.SouthernArizona Community Bank provided the debt financing.

Located at 16551 North Dysart Rd., the 1980s-era GrandBell Plazais 100% occupied by local tenants. "Thecenter has always had a goodhistory of occupancy andis in a good infill location," says Julius,who alsoassisted the Gill team in acquiring the Quorum ShopsinGreen Valley, AZ for $2.2 million last month.