"One of the creative parts of the deal was that the seller master leased the vacancy, which was at about 27%. He leased it back and put the funds in escrow for a two-year period," Mark Phillips, an office specialist with Sperry Van Ness in Phoenix, tells GlobeSt.com. "It's positioned very well for a comeback. The seller and buyer are tied to increasing leases."

Located at 4115 E. Valley Auto Dr., Greenfield Business Center II offers 25,040 sf of office space, presently leased by tenants like Wells Fargo and the State of Arizona. Its average rent runs slightly higher than the market average at $21.50 per sf. Phillips says good marketing strategy on the part of the former owner helped raise rents above the market average.

Irmas Fitness has various developments along the West Coast and holds some other property types in the Phoenix region. Greenfield's location was key, only 20 minutes from the airport and with easy access to the SR 60 freeway.