Local sellers Harley and Mary Gayle Christian sold the 325-335 N. Alma School Rd. property to Tom and Jane Frenkel at a 7% cap rate, which didn't reflect the imminent departure of a major tenant, says Chris Keenan, an investment broker with Marcus & Millichap Real Estate Investment Brokerage Co. Keenan and Steve Gonzalez represented the seller, while Nathan Wood and John Smelter of Marcus & Millichap's San Diego office negotiated for the buyer.

"An engineering firm that occupies 15% of the space decided not to renew," Keenan explains. The two-building, 1980s-era complex was 87% occupied at close of escrow, the average lease rate is $14.04 per sf, gross.

Keenan tells GlobeSt.com that the Frenkel's offer was the first and only offer received for Chandler Professional Plaza. "The property was only listed for three hours before the Frenkels made an offer and we ended up getting a full-price offer," he explains. "The Frenkels buy a lot of these small buildings and the quality of the real estate was reason enough and the price per sf made sense."