"There was some improvement work to be done on the building. That was a deal point to get done right away," Eddy Moore of Grubb & Ellis/BRE Commercial in Phoenix tells GlobeSt.com. Located at 4040 E. Raymond St., the 10,617-sf building was constructed in the early 1980s. The buyer spent $10 per sf on renovations.

Rick Foss, also with Grubb & Ellis/BRE Commercial, says the asset, with a fenced yard, was on the market 15 months because the seller was asking $10 per sf over market value. The building finally sold at $2 per sf over value, with escrow lasting 30 days for a buyer who met the asking price, he adds.

The Millennium 3 Technologies team was attracted to the building's central location as well as quick access to multiple highways. The company, which recently relocated from the Scottsdale Airpark, specializes in installation of building systems, including HVAC, closed-circuit television, fire alarm and intercom systems.