PHOENIX—Faris Lee Investments has completed the$22 million sale of Watson Marketplace, a fully leased,90,000-square-foot retail center located in Buckeye, a growingsubmarket 30 minutes west of Phoenix.

Chris Tramontano, MatthewMousavi, and Patrick Luther of Faris LeeInvestments represented the seller and developer of the property,Scottsdale-based Desert Troon Companies. ChrisTramontano and Tom Chichester, also of Faris LeeInvestments, represented the all-cash buyer, San Diego-basedInterstate Holdings, who was in a 1031 Exchange.The transaction closed at a 6.8 percent cap rate.

The transaction included 55,153 square feet of property onnearly eight acres that is leased to 15 national credit andregional tenants including the anchor, Goodwill, along withDenny's, The UPS Store, Dunkin Donuts with drive-thru, andFirehouse Subs in seven separate free-standing pad buildings. Italso included two retail pads ground-leased to a 5,250-square-footMcDonald's, which is on 1.22 acres, and a 4,583-square-foot Bank ofAmerica, which is on 1.0 acres.