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PHOENIX-A group of California investors, fresh out of a 1031 Exchange, has grabbed a sure-income property with a big name tenant and a long-term lease.

Grossman Brown Family Trust picked up the 6,000-sf, freestanding building at 4040 E. Thomas Rd. for about $1.6 million. Dr. David and Kate Wyatt, both of Santa Barbara, CA, are the sellers.

Copy giant, Kinkos, which pays $123,600 annually for the retail space, holds a long-term lease on the site, with six years still remaining and two five-year options to renew. The firm has been at that location since the property was built in 1999.

Jamie Medress, with Marcus & Millichap, tells GlobeSt.com that the Wyatts decided to sell the building in order to invest in a larger property in Texas. The buyer, who was looking to place 1031 money, liked the location, the solid tenant and the long-term lease, he noted. Medress, along with co-broker Steve Gonzalez, negotiated the transaction on behalf of both parties.

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