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Exchange Deadline Drives $18M Retail Sale

PHOENIX-Making sure it gets the deal, a 1031 exchange buyer from Lake Havasu, AZ, pushes the ante $15,000 higher than the list for Camelback Center. The hard push secures 19,150 sf of shop space and a 13,813-sf drug store with another 18 years left on the lease.

By Jennifer D. Duell | Updated on July 22, 2005

PHOENIX-Racing against a deadline to meet 1031 requirements, a buyer from Lake Havasu, AZ has closed on Camelback Center, offering more than the list price right out of the shoot. The center sold for $18.4 million or $15,000 more than the ask for 19,150 sf of shop space and a 13,813-sf, CVS Pharmacy-leased building.

Sylmar Terrace Inc. placed one of the first offers that came in for Camelback Center, says Steve Fernandez, a senior vice president with CB Richard Ellis Inc. “The buyer was on a short timeline to find a property to satisfy the exchange and they came in very quickly,” he adds. The two-year-old center, anchored by a Circuit City, is situated on 3.5 acres at 1610-70 E. Camelback Rd. in the Camelback Corridor. “Location was the major attraction,” he tells GlobeSt.com.

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