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1031 Exchange Fuels $8M Phoenix Retail Sale

PHOENIX-An exchange buyer from San Pedro, CA puts up $7.5 million for a fully leased, 76,326-sf Park Lee Center. The infill location and very close proximity to future light rail are added bonuses.

By Lee Simmons | Updated on March 28, 2004

PHOENIX-A California investment company has ponied up $7.5 million for the 76,326-sf Park Lee Center in Central Phoenix. San Pedro, CA-based JW Rich Investment Co. closed the deal with seller Horsch Investment Corp. of Portland, OR, as part of a 1031Exchange.

“Definitely, as far as retail goes, when you have a grocer included, it’s the most sought after,” Ryan Schubert, a senior associate with Grubb & Ellis Co.’s local office, tells GlobeSt.com. Schubert and Greg Valladao of Grubb & Ellis represented Horsch andShari Tucker with Sperry Van Ness in Phoenix negotiated for the buyer.

The 1985-built Park Lee Center sits on 5.8 acres on the southeast corner of 17th Avenue and Camelback Road in the Central Phoenix submarket. Anchored by a 50,000-sf Fry’s grocery store, Park Lee is comprised of 13 tenants including Little Caesar’s Pizza, PaylessShoe Source and Rent-a-Center. JW Rich plans standard facelift improvements and some re-tenanting.

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