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PEORIA, AZ-Ethan Christopher LLC has snagged its 17th asset in the metro, buying the 112,619-sf Crossroads Plaza for $14.7 million. The class B asset was 95% leased at sale time.

Aric Browne, a managing director for Encino, CA-based Ethan Christopher, acknowledges the company had slowed its acquisition rate of the past 18 months due to the overheated market and a lot of buyers competing for the same product. He says a slowdown of the market and more realistic economics meant it made good sense to acquire the 1980s-era shopping center at 6750 Peoria Ave. from a Colorado Springs, Co-based partnership among Diamante Crossroads Plaza LLC, Larry D. Howard Living Trust and Sheridan Park.

Browne says Crossroads Plaza, situated on a little more than 15 acres, won’t require any major upgrade, but the new owner does plan to put in money to freshen up landscaping, lighting and vacant space. He says the roster includes several long-term tenants, including Goodwill, Dollar Tree and Tuesday Morning. “The two major anchors are in the top echelon of performing stores in Arizona,” Browne tells GlobeSt.com. “No one’s leaving anytime soon.”

Browne says he and Ethan Christopher partners Mark Hamermesh and Gary Grabel plan to hold Crossroads Plaza for the long term. “The thing we’re excited about is, as difficult as the market is right now, we can improve performance during the downturn, which will improve the value as the economy recovers,” Browne emphasizes.

Netty Wisbaum of Commercial Realty Solutions LLC of Phoenix brokered the transaction. Donna Reece of Zell Commercial Real Estate Services Inc., also a local firm, holds the leasing assignment.

Browne says Ethan Christopher has several additional deals in the pipeline despite the slowed pace, but he wouldn’t elaborate. He says the preference is class B and class C properties in infill locations. In Phoenix, the focus is “properties within Loop 101 or Loop 202,” he says. “Typically, those properties are 20 years and older, and ready to be re-infused with capital.”

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