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California Couple's $2M Carves Arizona Inroad

PHOENIX-The La Mesa couple trades out of several residential condominiums in the Golden State and makes a first buy in Arizona, paying $1.7 million for the 14,215-sf Camel Central Strip Center.

By Jennifer D. Duell | Updated on December 06, 2004

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PHOENIX-The Camel Central Strip Center has traded to a La Mesa, CA couple, which paid $1.7 million to Santa Ana, CA-based Red Mountain Retail Group for the 14,215-sf, unanchored center along West Camelback Road.

H. Brian and E. Judy Shear bought the 22 W. Camelback Rd. development in a 1031 Exchange, using capital from several residential condos in the Golden State for their first purchase in Arizona. “The Shears are typical Southern California exchange buyers who come to Phoenix looking for a better return,” says Steve Julius, a strip center retail specialist with Marcus & Millichap, who represented the seller. Iwan Seto of Century 21 Arizona Foothills represented the Shears.

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