SURPRISE, AZ-A father-and-son team from northernCalifornia has made its second acquisition in Arizonawith the $3.1 million purchase of Grand Bell Plaza, a27,451-sf retail strip center. The buying entity, which is comprised of Jaswant Gillof JRG Grand Bell I LLC, PBG Grand Bell 2 LLC and SEGGrand Bell 3 LLC of Hayward, CA, did a 1031 exchangeout of multifamily assets in northern California. Theseller was Tim Henrickson of Butler-Henrickson LLC ofPrescott Valley, AZ.

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

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

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

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