Jenifer Lunt, who brokered the deal for the buyers along with Steve Fernandez of CB Richard Ellis Inc.'s Phoenix office, tells GlobeSt.com that the new owners will hold the property as an investment. "They liked the tenants, they liked the location, they liked the return...and it was in the price they needed to be for the exchange," Lunt said of the transaction.
Located at 5022 N. 54th Ave. near Camelback Road and 54th Avenue, the building is currently occupied by Value Options, a health-care firm, and West Coast Equipment, which deals in parking lot sweeping equipment.
Seller SOFI IV-SPM Portfolio XII LLC was represented in the transaction by Cliff Denton, also of CB Richard Ellis' Phoenix office. The realty firm will also manage the property.
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