JW Rich Investment Co. picked up the 76,326-sf Park Lee Center with a bid just $50,000 below the $8-million price tag set by Horsch Investment Corp. of Portland, OR. Greg Valladao with Grubb & Ellis/BRE Commercial's investment group in Phoenix tells GlobeSt.com that the fully leased, Fry's-anchored center at the southeast corner of 17th Avenue and Camelback Road drew intense interest in its four months on the market because of its infill location and strong tenant base.

"There's an excellent mix of both national and local tenants," says Valladao, running off a list of businesses that include Little Caesar's Pizza, Payless Shoes, Rent-A-Center, Fashion Plus and One Price Clothing, along with several smaller shops. In addition to a stellar roster of tenants, Valladao says the new owner found the plaza's location in a high-density neighborhood combined with the city's plans to run a light-rail line in front of the plaza would allow the center to remain a quality asset.

"The attractive architecture, landscape and overall appearance of the center will allow it to continue as a vital part of the neighborhood for years to come," Valladao says. The transaction marked the second acquisition in the Valley for the 1031 Exchange buyer, says Valladao who along with Ryan Schubert, also with Grubb & Ellis/BRE Commercial, handled the deal for the seller. Shari Tucker with Sperry Van Ness' Phoenix office represented the buyer.