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Bay Area Buyer Pays $11M for Agua Caliente

SCOTTSDALE, AZ-An investment group, led by Arnaldo Matos of San Jose, CA, turns its attention to the Valley for a 1031 Exchange, spending $11.2 million on Agua Caliente, a 48,650-sf retail strip center built in 1987.

By Jennifer D. Duell | Updated on December 05, 2004

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SCOTTSDALE, AZ-Armed with cash from the sale of several multifamily assets in Northern California, an investment group has completed a 1031 Exchange with the $11.2-million acquisition of Agua Caliente, a 48,650-sf retail center that traded at an 8% cap rate.

The group, led by Arnaldo Matos of San Jose, bought the 6900 E. Shea Blvd. property in Scottsdale from Agua Caliente Investments II and Manatee Investments II of Flagstaff, AZ. Jim Schaller of Schaller Real Estate represented the seller.

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