The buyers, Kirby and Darlene Rodger of Baraboo, WI, acquired the 10,254-sf, multi-tenant office building in a 1031 Exchange, according to Chris Keenan of Marcus & Millichap Real Estate Investment Brokerage Co.'s Phoenix office. "The buyers acquired the building after selling an apartment complex," he says. "They were really disgusted with apartments and wanted an higher return."

Keenan tells GlobeSt.com that the building traded at a 8.4% cap rate. "We had six offers within one and a half weeks of it being listed," he says. "This building has consistently out-performed the market and has always been at least 90% leased." Keenan and Steve Gonzalez, also in Marcus & Millichap's Phoenix office, represented the seller while their colleagues, Daryl Moffitt and Eric Wolfe represented the buyers.

The building, which is part of the high-end McCormick Ranch enclave, is home to 10 tenants including an accounting firm, a travel agency and an insurance firm. The building's average rental rate is $18.68 per sf full-service.