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SCOTTSDALE, AZ-After just two weeks on the market, a 9,718-sf shopping center near the intersection of Raintree Drive and Loop 101 has sold for full price to a 1031 exchange buyer.

David Chei of Chandler paid $5.4 million for the 14800 N. Pima Rd. center to developer, Joseph Walters of Kansas City, MO. Chei, turning around proceeds from a land sale in Buckeye, AZ, was one of four would-be buyers bidding on the center, says Andrew Fosberg, an associate with CB Richard Ellis Inc. He says Chei’s two-week due diligence timeframe made the offer stand out from other full-price bids.

Completed in April, the center is 88% leased to Mattress Firm, Pearl Vision and Verizon Wireless, all on five- and 10-year pacts. “The center has great visibility, is new construction and is shadow anchored by Kohl’s and Sam’s Club,” Fosberg says. He tells GlobeSt.com that Walters guaranteed the rent on the 1,200 sf of vacant space for six months. “With it 100% occupied, it traded at a 6.5% cap rate,” he says. The center leases for $36 per sf, triple net.

Fosberg partnered with CBRE’s Steve Fernandez, Jenifer Lunt, and Claudia Jara to represent the seller. Jon Yi of Prudential American Associates Real Estate of Tempe bargained on the buyer’s behalf.

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