"With the retail environment up there and that type of product, it is in pretty short supply. Given the building and its quality, that made it desirable for an incoming owner-user," Rick Collins, an associate with Phoenix-based Ross Brown Partners, tells GlobeSt.com. "Anybody who's looking for a retail showroom in North Phoenix, you can serve in Phoenix and Paradise Valley quite nicely from that location."

Located at the northwest corner of Tatum and Thunderbird roads, the All Wood Furniture Plaza, constructed in 1998, is fully leased to tenants such as All Wood, the Sofa Factory, and Toliver's Carpet--all with showrooms. The Sofa Factory is the most recent tenant to move in, serving as the building's anchor with 9,600 sf of showroom and office space.

Paradise Valley flex buildings that happen to be available on the market are few and far between, according to Collins, since many owners view them as great assets. Rents in that market generally hover around $1 per sf while vacancies are in the single digits. The new owners say the deal-maker is the building's easy proximity to customers from Paradise Valley, North Phoenix and Scottsdale.