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Buyer Trades In Farmland for $1.4M Retail Center

PHOENIX-An Ohio buyer pays cash for a fully leased, 5,631-sf shopping center at the corner of 35th Avenue and Camelback Road. The buyer spun a 1031 Exchange from the sale of farmland to acquire the Banco Popular Retail Center.

By Beverly Ford | Updated on October 17, 2002

PHOENIX-An Ohio buyer traded farmland for a shopping center in a 1031 Exchange that bought 5,631 sf of fully occupied, free-standing retail space at the corner of 35th Avenue and Camelback Road in Phoenix.

David W. Patch of Columbus, Ohio bought the Banco Popular Retail Center at 5020 N. 35th Ave. for $1.4 million in an all-cash deal, Jenifer Lunt of CB Richard Ellis Inc.’s Phoenix office, tells GlobeSt.com. “The buyer was in a 1031 Exchange and had sold farmland in Ohio,” Lunt says.

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