The seller's broker, Marcus Muirhead with Marcus & Millichap's Phoenix office, tells GlobeSt.com that the building received six offers in just three weeks of marketing and closed at 98% of the list price. Tricia Davis of Keller Williams Realty in Phoenix represented the buyer of Columbia Plaza, a 13,600-sf office building at 1427 N. 3rd St.

"It was priced at only $65 per sf, and that's a pretty good deal in Phoenix," Muirhead says. "The rents are lower than the rest of the market so there will be some upside in terms of rent and also in terms of the location." The asset traded at a 7.4% cap rate.

Columbia Plaza rents for $13 per sf full-service while other buildings in the area have rates ranging from $14 per sf to $15 per sf, Muirhead says. Built in 1974, Columbia Plaza is located near the downtown core, about a half-mile from the future light rail line. It is 94% leased. The trust obtained new financing from Irwin Union Bank and closed the sale within 30 days.