Jan Fincham and Patrick Dempsey, both of the Phoenix-based Lee & Associates Arizona, negotiated the transaction for the buyer, Diamante-Gilbert Crossing LLC, and seller, Gilbert Sunset LLC. Dempsey, pleased with the price per sf, tells GlobeSt.com that the buyer is a syndicate of 1031 exchange investors.

The suburban center was developed in 2001 at the intersection of Gilbert and Guadalupe roads by its merchant-build seller. Dempsey said the project was on the market for a little more than a year before selling, but part of that time was actually during construction.

The 95%-leased shopping center was a work-in-progress with new leases being signed right up until the Aug. 9 closing. Its tenant roster has Bally Total Fitness as its anchor and inline tenants such as Community Bank of Arizona and Papa Johns.