Myron Zimmerman Investments, a long-time investor in Valley property, has closed on the $5.1 million purchase of a 110,000-sf warehouse at 2705 W. Obispo in Gilbert's El Dorado Tech Center. Principal Life Insurance Co. is the seller. PJ Food Service occupies about half of the warehouse to supply food products to Papa Johns restaurants.

"We are always looking for property," Paul Schifman, who heads Zimmerman's Scottsdale office, tells GlobeSt.com. "We are looking for property that's got upside potential and good intrinsic value. We are not just looking for a return on our investment, we are looking for value."

The Gilbert warehouse had appealed to Zimmerman in part because the company owns two other industrial buildings in the El Dorado Tech Center, a 121,000-sf building and 126,000-sf industrial structure. Zimmerman acts as the leasing and management agent on all of its properties.

Zimmerman has fueled its recently buying spree from the sale of other Valley industrial properties, Schifman says. The company has sold off three projects, with smaller overall square footage, in the past two years, he says. The company's portfolio in the Valley represents nearly half the company's overall holdings. Earlier this year, he had purchased a 226,000-sf distribution facility at 1010 N. 47th Ave. and two, 323,000-sf warehouse buildings at 605 and 601 N. 75th Ave. Zimmerman also has a number of properties in California, including retail and office space.