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MESA, AZ-Following development and lease-up of a grocery-anchored center, Barclay Holdings XXXVI LLC has sold the 20,669 sf of inline space to an investment group from Washington. The $7.6-million trade did not include the 110,000-sf Fry’s Marketplace anchor.

Jan Fincham, principal of Phoenix-based Lee & Associates, says the McKellips and Stapley Fry’s Marketplace at 1229 E. McKellips Rd. attracted six offers during a 60-day marketing stint. He tells GlobeSt.com that Daniel L. Campbell and his partners from Wenatchee, WA, came into the bidding with 1031 exchange funds and a track record of acquiring similar properties in the Pacific Northwest and West Coast. It is the investment group’s first purchase in Greater Phoenix.

“This particular Fry’s is very successful. That’s what attracted so much attention to the project–the fact the store drives so much traffic,” says Fincham, who teamed with Lee & Associates principal Patrick Dempsey to represent the Scottsdale, AZ seller of the one-year-old center. The fully leased shopping center’s roster includes Starbucks, Washington Mutual, 1-800-Flowers, Subway and Golden Spoon Yogurt. Fincham says the new owner will self-manage the asset. Ryan Schubert, first vice president with Grubb & Ellis/BRE Commercial LLC, and partner Michael Hackett represented the buyer.

Fincham says the seller most likely will deploy capital from the sale into additional construction projects. “They have a large number of area developments,” Fincham says. “Sometimes they keep the projects long term, sometimes they’ll just build and sell and then use the proceeds to build more. It’s part of their overall business plan.”

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