Fenway Properties of San Diego, marking its first acquisition in the Valley, intends to upgrade the four-building complex at 2222-28 W. Northern Ave., including the build-out of some speculative suites, says Dennis Desmond, a senior vice president in Phoenix for Dallas-based Trammell Crow Co. "Given some attention, this property will do very well for the new owner," he says.

The locally based Gainey Ranch Financial LLP disposed of the property near Interstate 17 because it wasn't a core asset, according to Desmond. "Before the (marketing package) could hit the street, we had a couple of strong offers," says Desmond, who teamed with Bob Burnand, Jerry Noble, Pat Devine and Greg Mayer to broker the transaction. "This property is very well located with exceptional views of mountains and a golf course."

The half-filled 23-year-old complex's lead tenant is Hospice of Arizona, which occupies 20,000 sf on a long-term lease. "There's upside in the lease-up," Desmond says. Noble, Devine and Mayer will handle the leasing for Fenway Properties.