Van Buren Partners LLC's quick-close offer won the 505 N. 51st Ave. deed. "We had the property had in escrow to a user, which ended up bailing out," Steve Mardian with Grubb & Ellis|BRE Commercial LLC, tells GlobeSt.com. "Van Buren Partners made an offer that was in the same spot as a few others, but Van Buren was willing to go hard with money right away and closed in less than 30 days."

Mardian says five offers were on the table for the industrial property, which would cost $100 million to replace. He, Tony Lydon and Marc Hertzberg, also with Grubb & Ellis|BRE Commercial, represented the Richmond, IN-based seller, Belden CDT Inc. Van Buren Partners, a division of locally based Harrison Partners, had John Reinhardt with Industrial Property Specialists as its negotiator.

According to Mardian, the new owner plans to lease the space and build out the extra land. He says the buyer sat down at the closing table with more than 300,000 sf of leases under contract. "There is growing demand in the southwest Phoenix submarket and absorption has been pretty good," he says.