PAYSON—Faris Lee Investments has completed the $15 million sale of Payson Village Center in Payson. The grocery-anchored center includes Bashas', a well-established Arizona grocery operator. The center totals 140,500 square feet on nearly 16 acres and is located in the center of town at Payson's busiest intersection of Highway 87 and Highway 260.

Christopher Tramontano, managing director, and Donald MacLellan, senior managing director, with Faris Lee Investments represented the buyer, Progression Real Estate Investments, as well as the seller, Hirani Oil Foundation.

Faris Lee marketed the property as a fundamentally stable investment and the best-located grocery-anchored center in the trade area providing a competitive advantage. The firm received strong offer activity from private as well as more institutional-oriented investors.