X

Thank you for sharing!

Your article was successfully shared with the contacts you provided.

MESA, AZ-Falcon Gate Retail LLC, an investment group from Los Angeles, has scooped up Falcon Gateway, 59,223 sf of class A retail space anchored by a 208,000-sf Wal-Mart Supercenter, in a $17.67-million, off-market deal with its developer, Brown, Greenfield and McKellips LLC of Phoenix.

The Bentonville, AR retail giant’s super store wasn’t part of the deal. Falcon Gateway, completed in 2004 on 7.92 acres at 4505 E. McKellips Rd., is 98% leased. Its roster includes Staples Inc., Payless ShoeSource, Buffalo Wild Wings Grill and Bar, Data Doctors Computer Serices, Subway Restaurant, Panda Express, Sleep America and Fashion Bug. None of the leases will be rolling anytime soon, says Patrick Dempsey with Phoenix-based Lee & Associates Arizona.

“We were hired by the seller to find a buyer,” says Dempsey, who teamed with Lee & Associates’ Jan Fincham and Kevin Kopp to broker the transaction on behalf of both parties. On the other side of the transaction, the three partners already had a steady relationship with the buyer so “we brought them together,” Fincham adds.

Fincham tells GlobeSt.com that the seller, as a developer, plans to use the gain to fund future developments while “the buyer is an investor, a real estate investor, with multiple properties in the Phoenix marketplace and Southwest US” He adds the transaction was part of a 1031 exchange. “The buyer sold some property in California and decided to go ahead and place the money in Arizona,” he notes.

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
  • 3 free articles* across the ALM subscription network every 30 days
  • Exclusive discounts on ALM events and publications

*May exclude premium content
Already have an account?

Dig Deeper

GlobeSt

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 © 2020 ALM Media Properties, LLC. All Rights Reserved.