"It's nice to sell a building in such a great market as Scottsdale," Tracy Cartledge, a vice president with Trammell Crow's Phoenix office, tells GlobeSt.com. "What really makes this project is it's small bay. It was built and marketed toward smaller tenants."

Located at 8145-8151 E. Evans Road in the Scottsdale Airpark, the 47,159-sf Evans Business Center is home to tenants such as Kelly Services, Discover the World Marketing and David Schmitt Architecture. Cartledge says an interesting advantage to the buyer was that not one tenant is considered an anchor, making it easier to fill smaller spaces more quickly. He, Bob Buckley, and Steve Lindley of Trammell Crow represented seller Maple Leaf Properties in the deal. Larry Matheny of Phoenix-based RevCorp Inc. represented Gyro Engineering.

According to Cartledge, Gyro Engineering assumed a $4.5-million, 20-year loan as part of the deal, originated by Aegon at a 7.05% interest rate. Approximately $4 million remains on the note. The 1999, single-story Evans Business Center was fully leased until closing and presently is 82% leased with 29 tenants. Rents are approximately $25 per sf, although Cartledge says he expects them to go up in the near future.