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SCOTTSDALE, AZ-Armed with cash from the sale of severalmultifamily assets in Northern California, an investment group hascompleted a 1031 Exchange with the $11.2-million acquisition ofAgua Caliente, a 48,650-sf retail center that traded at an 8% caprate.
The group, led by Arnaldo Matos of San Jose, bought the 6900 E.Shea Blvd. property in Scottsdale from Agua Caliente Investments IIand Manatee Investments II of Flagstaff, AZ. Jim Schaller ofSchaller Real Estate represented the seller.
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