PHOENIX-A Washington State buyer has snagged the 47,840-sf Shoppes at Rogers Ranch, buying the 100%-leased retail center from the developers. The seller, a partnership consisting of three local developers, ended up with $15.6 million for the transaction.

According to CB Richard Ellis first vice president Bob Young, Aspen Baseline 51 LLC of Phoenix built the center at 5020 Baseline Rd., with plans for its immediate sale. “They’re merchant developers. They keep some things they build, but decided to lease this up, then sell it,” Young says. He and CBRE first vice presidents Glenn Smigiel and Steve Brabant and vice president Rick Abraham brokered the deal.

Young tells that the Walker Family Trust of Kent, WA ended up with the center through what he calls a “semi off-market transaction.” He explains that the buyer had money from a 1031 exchange and approached the CBRE team for investment prospects. Young knew Shoppes at Rogers Ranch was ready to be marketed and suggested it. “They’d purchased through us before and are an excellent buyer,” Young says. “The seller agreed to the price and knew they’d get the deal done.”

Young adds that the center is in an area with many new homes and neighbors a larger shopping center. The just-sold center is anchored by a 13,013-sf CVS Pharmacy, which has a 22-year lease for the location. Other tenants include AutoZone Inc., Panda Restaurant Group Inc., Carl Karcher Enterprises Inc., JPMorgan Chase & Co. and a Taco Bell/Long John Silver’s combination restaurant.

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