Dwane and Shirley Pospisil have bought the 7601 E. Gray Rd. structure from Joseph Hennessy of South Bend, IN, who has owned it for just a year. Hennessy paid a little more than $1.6 million for the holding.

The property is just south of the Scottsdale Airpark, where much of the city's industrial and office space has been developed in the past decade. Office and industrial space is highly in demand in the submarket. The vacancy rate for industrial space in north Scottsdale is 4.3% in comparison to an overall rate of 7.2%. The submarket's vacancy office rate is 11.2%, the lowest of any in the Valley. The overall office vacancy rate is 15.2%, but is considered to be two to three points higher because of the vast amount of space available for sublease.

Randy Shell of the Scottsdale office of B-H Enterprises Ltd. and Dennis Manning of Napali Management's Scottsdale office negotiated the sale.