SCOTTSDALE, AZ-An active area developer from Kansas City, KS sold the just-completed Raintree Shops and adjacent Islands restaurant for $11.5 million. The California buyer ended up closing on the 17,000-sf retail site after it fell out of escrow the first time.

“We had this tied up with a buyer during construction, and the buyer was gong to close once improvements were completed. But once completed, he went away and didn’t perform,” comments Andrew Fosberg, senior associate with CB Richard Ellis’ Phoenix office, who represented seller J. Walters Construction Co. “We turned to Luskin Trust, which closed quickly.”

Fosberg, who worked with CBRE’s senior vice president Steve Fernandez and sales assistant Claudia Jara on the transaction, tells GlobeSt.com that Luskin Trust, of Redondo Beach, CA, considers the 100% leased asset as a straightforward investment and a good income stream property. He adds that there are no upgrades to be made on the center, at the corner of Raintree Drive and Loop 101. Luskin will self manage the center.

Fosberg notes that J. Walters Construction holds some of what it develops, but is also a merchant builder. With the last tenant moving into Raintree Shops during Q1 2007, the developer determined it was time to sell. Tenants include Alltell Wireless and Paradise Bakery. Islands restaurant has a long-term ground lease.

The seller, in the meantime, is getting ready to launch construction on its 70-acre Sarival Business Crossing Park in Goodyear, AZ. J. Walters Construction acquired the acreage in June 2007 and will begin horizontal development on the business park within the next 30 to 45 days, Fosberg says.

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