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TEMPE, AZ-A first-time area investor has beaten nine offers to snag the 228,000-sf Groves Shopping Center. The buyer has paid $40.1 million to a joint venture of DRA Advisors LLC and Kimco Realty Corp. for the 13-year-old center.

Lee & Associates principal Patrick A. Dempsey says an all-cash offer is why Pacific Castle Inc. of Irvine, CA ended up with the center at 1180 W. Elliot Rd. He teamed with colleague Jan P. Fincham, also a principal, to broker the deal, which took 90 days start to finish.

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