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MESA, AZ-The 39,144-sf Village at Las Sendas has ended up in an exchange before it could hit the market. A Scottsdale, AZ buyer has paid $13.9 million for the 92%-leased shopping center.

“This never really hit the market. I listed it and a few days later, saw the buyer in a restaurant, we talked and made the deal,” says Ken Elmer, principal with EBS & Associates in Scottsdale. Elmer, who represented Las Sendas Villages LLC in Chandler, AZ, says the buyer, Emerging Commercial Exchange II, won’t need to make any upgrades to the asset at 2855 N. Power Rd.

“This is a high-end retail center with a pretty solid lease roll,” Elmer tells GlobeSt.com. “There isn’t a lot of turnover coming any time soon.” Tenants are mainly local and regional restaurants and retailers, including Cosmo Salon & Day Spa, Bella Blue Boutique, Coco Milano’s and Elaine Todd’s Distinctive Gifts. Restaurants include Egg and I, Indigo Joe’s Sports Pub and Restaurant and Pacific Bay Co. The quoted rent is $32 per sf, triple net.

Built in the early 2000s, the center at Power and McDowell roads was the first specialty retail center in East Mesa. The Village at Las Sendas serves the 2,400-acre, master-planned Las Sendas, consisting of single-family homes, a small retail component and office condominiums. Las Sendas is located in the city’s northeastern quadrant near Usery Mountain.

Elmer says the Village at Las Sendas serves a high-growth, upper middle-class area, with little competition in the neighborhood. “The median household income within a one-mile radius is $76,000 per year,” he adds.

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