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California Exchange Buyer Grabs 50% Vacant Center

SCOTTSDALE, AZ-Desert Fairways, a newly constructed, 9,700-sf retail center, sells at a slight discount due to its leasing risk. A 1031 exchange buyer from Eureka, CA picks off the pass for $3.4 million.

By Jennifer D. Duell | Updated on March 09, 2005

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SCOTTSDALE, AZ-A 1031 exchange investor from Eureka, CA beats out several other prospective buyers with a high offer of $3.4 million for Desert Fairways, a newly built, 9,700-sf retail center in the middle of a 100,000-sf office condo project.

SDRFC Investors LLC, headed by Jeff Boyd, acquired the half-leased center at 8763 E. Bell Rd. from local developer Shea Commercial LLC. It traded at a slight discount because it is only 50% leased, says Jamie Medress, an investment broker with Marcus & Millichap’s Phoenix office. Medress and Steve Gonzalez represented SDRFC Investors, while Shea Commercial used in-house broker Neal Waldman to seal the deal.

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