(For more retail coverage, click GlobeSt.com/RETAIL.)
SCOTTSDALE, AZ-A Southern California investor found a use for1031 exchange money from a local apartment sale. The proceeds havehelped to fund the $7.6-million acquisition of the 29,970-sf GaineyRanch Town Center.
Dobson Bay Club II LLC of Los Angeles put up cash and assumed aloan that's scheduled to expire in 2010. "We'd followed thisproperty. We'd done business with the buyer before and knew he wasin need of an exchange," Jan Fincham with Phoenix-based Lee &Associates Arizona, tells GlobeSt.com. "So, we approached the ownerand struck a deal." He teamed with Lee & Associates' colleaguesKevin Kopp and Patrick Dempsey to broker an off-market transactionbetween the Los Angeles investor and the seller, Gainey Ranch LPfrom San Francisco.
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