"We had this tied up with a buyer during construction, and thebuyer was gong to close once improvements were completed. But oncecompleted, he went away and didn't perform," comments AndrewFosberg, senior associate with CB Richard Ellis' Phoenix office,who represented seller J. Walters Construction Co. "We turned toLuskin Trust, which closed quickly."

Fosberg, who worked with CBRE's senior vice president SteveFernandez 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 anda good income stream property. He adds that there are no upgradesto be made on the center, at the corner of Raintree Drive and Loop101. Luskin will self manage the center.

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