The Maricopa Business Park LLC purchased the Maricopa Business Center, an industrial complex with 10 office/warehouse buildings at 4022-4032 E. Broadway Rd. in Phoenix. The 10 buildings total 212,746-sf. The sale price equates to more than $54 per sf.

The complex is just south of Interstate 10 and about a mile south of Sky Harbor Airport, the main airport in the metro Phoenix area.

The Sky Harbor submarket was one of the most active for leasing activity during the first quarter, according to a recent survey by Grubb & Ellis. During the first three months of the year, more than 288,000 sf of industrial space was absorbed, lowering the vacancy rate in the submarket to 6%. Only the southwest area of Phoenix had more leasing activity during the quarter, more than 470,000 sf.

"The south side of metro Phoenix is proving to be the hot spot of the Valley, as Sky Harbor and the southwest submarkets saw the most absorption once again," says Paul Boyle, VP in the Investment Group for Grubb & Ellis.

While the Sky Harbor area saw its vacancy rate fall during the first quarter, the overall vacancy rate for industrial space in the Valley rose slightly, from 6% to 6.25%.

The seller of the 10-building complex was Phoenix-based Biltmore Maricopa I LLC.

The Phoenix office of Grubb & Ellis, with broker Paul Boyle, represented the buyer in the transaction, while the Phoenix office of CB Richard Ellis, with brokers Joe Porter and Pat Feeney, represented the seller.