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Iowa Investment Firm Stamps $5-Mil Office Purchase

TEMPE, AZ-Tempe's year-to-date negative absorption hasn't stalled a $5-million buy of a 45,000-sf office building. Seller Principal Capital Group gets more than $111 per sf for Rural Court in a deal brokered by a Phoenix Grubb & Ellis team.

By D.J. Burrough | Updated on August 06, 2001

TEMPE, AZ-An Iowa-based real estate investment company has taken the reins to 45,000-sf office building in Tempe. The buyer is paying $5 million to Principal Capital Group.

MJA Investments Inc., a Des Moines investment firm, has shelled out more than $111 per sf for Rural Court, located at 4450 S. Rural Rd. The office building is situated near Rural Road’s intersection with Alameda Drive and about a mile north of Superstition Freeway. It also is 1 1/2 miles south of Arizona State University. The Phoenix office of Grubb & Ellis, with brokers Stan Safer and Eric Wichterman, represented both parties in the sale.

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