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PHOENIX-An Ohio buyer traded farmland for a shopping center in a 1031 Exchange that bought 5,631 sf of fully occupied, free-standing retail space at the corner of 35th Avenue and Camelback Road in Phoenix.

David W. Patch of Columbus, Ohio bought the Banco Popular Retail Center at 5020 N. 35th Ave. for $1.4 million in an all-cash deal, Jenifer Lunt of CB Richard Ellis Inc.’s Phoenix office, tells GlobeSt.com. “The buyer was in a 1031 Exchange and had sold farmland in Ohio,” Lunt says.

The single-story property was developed by owner Casa Banco LLC of Santa Ana, CA. The fully-occupied property’s tenant roster includes Subway, Popular Cash Express and Advance American Cash.

Lunt and Steve Fernandez, also with CB Richard Ellis, represented the seller in the transaction. The buyer was represented by Dick Roggenkamp from the New Albany, OH office of First International Realty Corp.

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