The 140,942-sf first phase, anchored by a Fry's Food and DrugStores, was not part of the transaction. Nonetheless, the Fry's wasa powerful incentive for buyers. "Fry's is the prominent grocerystore in Phoenix and obviously a huge draw," Gary Goodman, Passco'ssenior vice president of acquisitions, says about the property at5240 W. Baseline Rd. He tells GlobeSt.com that Fry's has along-term lease with Houston-based Weingarten, which is retainingownership of the 100%-leased first phase.

Passco's new buy is 97% leased, with the roster including DollarTree Stores Inc., Pizza Hut Inc. and Applebee's International Inc.In addition, there is an adjacent Home Depot Inc. There 1,717 sf isstill vacant, but Goodman says negotiations are underway with atenant--and the space should be leased shortly.

"There's no turnover in the rent roll until the fourth year ofownership," Goodman says. "This fits our program very well."