Retail center sold in Phoenix metro area

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Grubb & Ellis/BRE Commercial today announced the sale of Pure Fitness Plaza in Tempe, Ariz., for $11.4 million. Located at 1126 N Scottsdale Road, the 75,000-square-foot retail center was 90.7 percent leased at the time of sale to nine tenants. Pure Fitness, a multifaceted workout facility, occupies approximately 40 percent of the center. Village & Country Properties purchased the asset from 1126 N. Scottsdale Road LLC, an entity controlled by Scottsdale Investment Management. The metro Phoenix retail market continues to perform remarkably aided by the rapid population growth, according to a press statement. The area retail market saw a record level of positive net absorption in 2005 totaling 5.9 million square feet, finishing the year at a healthy vacancy rate of 5.2 percent. San Diego-based Grubb & Ellis/BRE Commercial is a privately held commercial real estate brokerage firm operating in San Diego and Riverside counties. ...