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GlobeSt.com EXCLUSIVE: $5M Corners 9,718-SF Shopping Center

SCOTTSDALE, AZ-A 1031 exchange buyer from nearby Chandler beats out three other prospective buyers with a high offer of $5.4 million and a two-week due-diligence period for the 88%-leased center.

By Jennifer D. Duell | Updated on July 15, 2005

SCOTTSDALE, AZ-After just two weeks on the market, a 9,718-sf shopping center near the intersection of Raintree Drive and Loop 101 has sold for full price to a 1031 exchange buyer.

David Chei of Chandler paid $5.4 million for the 14800 N. Pima Rd. center to developer, Joseph Walters of Kansas City, MO. Chei, turning around proceeds from a land sale in Buckeye, AZ, was one of four would-be buyers bidding on the center, says Andrew Fosberg, an associate with CB Richard Ellis Inc. He says Chei’s two-week due diligence timeframe made the offer stand out from other full-price bids.

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