Thank you for sharing!

Your article was successfully shared with the contacts you provided.

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.

Want to continue reading?
Become a Free ALM Digital Reader.

Once you are an ALM digital member, you’ll receive:

  • Unlimited access to GlobeSt and other free ALM publications
  • Access to 15 years of GlobeSt archives
  • Your choice of GlobeSt digital newsletters and over 70 others from popular sister publications
  • 1 free article* every 30 days across the ALM subscription network
  • Exclusive discounts on ALM events and publications

*May exclude premium content
Already have an account?

Dig Deeper

GlobeSt. NET LEASE Spring 2021Event

This conference brings together the industry's most influential & knowledgeable real estate executives from the net lease sector.

Get More Information


Join GlobeSt

Don't miss crucial news and insights you need to make informed commercial real estate decisions. Join GlobeSt.com now!

  • Free unlimited access to GlobeSt.com's trusted and independent team of experts who provide commercial real estate owners, investors, developers, brokers and finance professionals with comprehensive coverage, analysis and best practices necessary to innovate and build business.
  • Exclusive discounts on ALM and GlobeSt events.
  • Access to other award-winning ALM websites including ThinkAdvisor.com and Law.com.

Already have an account? Sign In Now
Join GlobeSt

Copyright © 2021 ALM Media Properties, LLC. All Rights Reserved.