Richard Bastoni bought the 29660 N. Tatum Blvd. asset from Claude and Patsy Potts, private investors from Kings Beach, CA, who were represented by Jamie Medress and Steve Gonzalez with Marcus & Millichap Real Estate Investment Brokerage Co.'s Phoenix office. "He was looking for a single-tenant deal with little or no risk. He loved the location," Medress tells GlobeSt.com. "It was a great area with a long-term tenant and a large piece of land. He figured he couldn't go wrong."

The retail pharmacy attracted four offers while on the market for a short time. Medress says Bastoni received the honors for the purchase because he was a cash buyer "who was willing to close quickly." The transaction is the buyer's first in Phoenix.

The sellers, in the meantime, have reinvested their 1031 exchange funds, into the $5.39-million purchase of a Tutor Time Preschool at 690 W. Warner Rd. in Gilbert. Medress and Gonzales represented the couple in its purchase from Capital Academic LLC in Phoenix.