The Tempe-based SunCor retained land adjacent to the just-sold buildings at 1616 and 1646 N. Litchfield Rd. The acreage will be used for the future development of a 60,000-sf office building. A groundbreaking on that project has not yet been determined.

SunCor, developer of the 9,000-plus acre, mixed-use Palm Valley, was represented by Bob Young, Glenn Smigiel, Steven Brabant, Mark Seale and Rick Abraham with CB Richard Ellis Inc. in Phoenix. "Palm Valley is a new and emerging market," explains Young, a CBRE first vice president. "Investors are out there in droves. It's a very active area."

The Palm Valley Office Park buildings, developed in 1999 and 2003, were 100% occupied at the time of the sale. Young says the park was under contract within six weeks of coming to market, a listing that prompted a bidding war among the prospective buyers. "There were about a dozen offers on this," he tells GlobeSt.com, adding the original ask was $18.47 million. "We ended up with the five best, then two. That's what drove up the price." He adds that, with a lot of capital facing few opportunities in the area, such bidding wars can happen, though the tendency to exceed the ask is rare.