Rural Court LLC purchased the buildings at 4450 S. Rural Rd. in Tempe from Norfolk, NE-based MJA Investments. The duo is part of a six-building complex acquired in 2001 for $5 million. They are fully leased to small users.
"The buyer is a typical California investor who can't find anything to invest on the West Coast so they have come to the Phoenix area," says Eric Wichterman, a vice president with Grubb & Ellis/BRE Commercial LLC who represented the MJA Investments in the transaction along with Stan Shafer. Martin Cheichi with Grubb & Ellis in San Jose, CA represented the buyer.
Wichterman tells GlobeSt.com that the 17-year-old Rural Court buildings received a lot of interest because of a strong Tempe location and architecture. "It's a very attractive Spanish Colonial, which is very expensive to build," he says.
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