PHOENIX-A local investment group has paid $3.9 million for the Payless Cashways Center.

The private Scottsdale group, known as Chandler Center Investors, purchased the 25-year-old retail center at the corner of 35th and Dunlap avenues. The center is anchored by Payless Cashways, a home improvement store, and has eight other retail shops.

The seller is Phoenix DLS, a group of private investors based in Santa Monica, CA. The local office of CB Richard Ellis represented the seller, while brokerage RBI in Phoenix represented the buyer.

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