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CHANDLER, AZ-First American Plaza, a 20,744-sf, unanchored shopping center, has been sold to a 1031 exchange buyer for $4.1 million.

Lawrence Lee of Sherman Oaks, CA took the title to the recently renovated center after a 10-day escrow, says Jamie Medress, an investment broker with Marcus & Millichap Real Estate Investment Brokerage Co. The 92%-leased center at 2950 N. Dobson Rd. reeled in four offers in a 30-day marketing period before Lee placed the winning contract, he tells GlobeSt.com.

The center was built in 1980 and completely rehabbed last year. “This center is like new because of the renovation,” Medress says. “Plus, it’s on a hard corner at one of the busiest intersections in the East Valley.”

First American Plaza’s roster includes a tanning salon, chiropractor and veterinarian. The average rental rate is $16.50 per sf, triple net. “The center has long-term leases with annual rental increases,” Medress says. He and Steve Gonzalez, also with Marcus & Millichap’s Phoenix office, represented the seller, L&G Elliot LLC of nearby Tempe. The first-time Valley buyer’s terms were brokered by his son, Dan Lee of D&L Capital and Investments in Chandler.

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