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MESA, AZ-Persistence has paid off for an investor from nearby Gilbert who’s spent at least two years pursuing the purchase of the 20,736-sf Val Vista Gateway. The deed has finally changed hands for $6.7 million.

Buyer of record RSD Val Vista Properties LLC convinced the Los Angeles-based Val Vista Gateway LLC to part with the 3.5-acre development at 1935-39 S. Val Vista Dr. “When they built the property in 2001, they had no intention of selling,” explains Pete TeKampe, a senior associate with Marcus & Millichap Real Estate Investment Brokerage Co.’s Phoenix office.

TeKampe tells GlobeSt.com that the developer and owner had a change of heart and decided to hammer out a deal with RSD Val Vista Properties. “We worked on a deal for several months,” he says, describing the shopping center as “an A asset in an A location.” . He says the 100%-leased asset, requiring little or no maintenance, features a stable rent roll. The national and local tenant roster includes Starbucks, Verizon Wireless, Good Egg and Streets of New York restaurant.

TeKampe says the buyer obtained a fixed-rate financing with a 75% loan-to-value ration from Lehman Brothers to acquire Val Vista Gateway. Phoenix-based Churchill Mortgage arranged the loan.

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