The company paid nearly $28 million for five buildings with a total of more than 500,000 sf. The buildings are at 2202 S. 7th St. and 18401 N. 25th Ave. in Phoenix, and in Tempe at 2404 W. 14th St., 2625 S. Wilson St. and 914 S. 52nd St.

A Hawaiian estate sold the portfolio.

The Phoenix office of CB Richard Ellis, including brokers Joe Porter, Pat Feeney and Dan Calihan, negotiated the purchases for RREEF.

Late last year, RREEF purchased the office building at 7333 S. Hardy Dr. in Tempe. The building is one of seven office and warehouse buildings that RREEF now owns in the Tempe Commerce Park, a business park at the southwest corner of Kyrene and Elliot roads.

Office and industrial space has become more and more scarce in central Phoenix and in land-locked Tempe. At the start of the fourth quarter, the overall vacancy rate for industrial space in the Valley was 7.69%, while office vacancy was at 9.7%. In Tempe, the office vacancy rate is 5.1%.