The Phoenix-based development partnership--SanTan North LLC andSanTan South LLC--had earmarked the project as a merchant buildfrom the project's onset two years ago. The center at theintersection of Arizona Avenue and Loop 202 was developed as shadowspace to a Wal-Mart Supercenter and Sam's Club. "They sold thisbecause they needed the capital for new deals and developments,"says Jan Fincham, principal of Phoenix-based Lee & AssociatesArizona, who negotiated both sides of the deal along with Leeprincipals Patrick Dempsey and Kevin Kopp.

Fincham tells GlobeSt.com the buyer was turning around fundsfrom a 1031 exchange of a similar developer in San Francisco. "Thebuyer we chose was the most aggressive and they had a compellingexchange requirement," Fincham says.

The 96%-leased center is situated on close to 11 acres. Itboasts a regional and national mix of tenants: Payless Shoe Source,LA Nails & Spa, Party America, GameStop, LA Fitness and Anna'sLinens. Pad sites are filled by Del Taco Inc., Wendy'sInternational, Inc. and JPMorgan Chase & Co.