"There are virtually no vacancies in Litchfield Park. It's an unusual situation in the Phoenix market," Insignia/ESG managing director Trevor Klinkhamer tells GlobeSt.com of the small but growing community about 45 minutes west of downtown Phoenix. "Litchfield is the only place in Phoenix metro area that is undersupplied."

That lack of office space bodes well for investors like Kathy and Randy High of Modesto CA, who picked up the five-building, 23,691-sf Litchfield Park Phase I office park for its full $2.5-million asking price in a 1031 Exchange.

Built by SunCor in 1980, the 501-555 East Plaza Circle Dr. office complex is fully rented by a variety of business tenants with leases extending from two to five years. With few other office buildings in the area and lease rates hovering at $18 per sf, well below the $22 per sf to $24 per sf demanded by newer construction, the property has a waiting list of prospective tenants eager to move in, Klinkhamer said.