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PHOENIX-In an off-market transaction, Long Beach, CA-based Jerns LLC has sold Ahwatukee Commons, a 19,000-sf shopping center to Black Acres Realty LP in Water Mill, NY, for $4.9 million.

“The seller said he’d be willing to entertain offers, but he didn’t want to commit to listing the property, mainly because he wasn’t 100% certain it would sell,” says Ari Spiro, a senior adviser with Sperry Van Ness’ Phoenix office. Spiro, along with Sperry Van Ness colleagues Mike Day and Jeff Chalfin, brokered the transaction for both parties in the swap of the 4902 E. Warner Rd. center.

Spiro tells GlobeSt.com that the buyer, which purchased the property as part of a 1031 exchange, assumed the property’s financing, which was a loan in the amount of $2.8 million, at a 6.3% fixed-rate interest and a lockout rate of approximately five years.The 1989-developed property, situated on 1.3 acres, is 98% leased. Tenants include the US Army, Goodyear Tire, Body Bronzing, Ruffino’s Italian Restaurant and State Farm Insurance. Spiro says the new owner, at this time, has no plans to renovate the property.

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