Eric Wichterman and Stan Shafer with Grubb & Ellis/BRE Commercial LLC in Phoenix brokered the deal for the seller of 1301 E. McDowell Rd. while Chris May with First Realty Associates, also in Phoenix, represented the buyers, Zack and Sue Saliba. May, owner of First Realty, tells GlobeSt.com that the property was already 95% occupied at the time of the sale, with two spaces empty--but not for long. "One's currently in negotiation for leasing and the other is a small space that might be an office for the owners," May says. "Also, a doctor has said he might want to use that space for expansion."

According to May, this transaction is not the first in the Phoenix area for the Salibas. "They have other holdings in the area," says May, adding the couple has been attracted to the area because of its commercial real estate growth. "They already have made general office and retail purchases and we're now looking at buying some small shopping centers." He says shopping centers that are being examined are in the $6-million range. "We'd also like to find another medical building before the end of the year," he adds.

As of now, the couple is managing the acquired properties, but it could be forming a property management team for that purpose as they continue purchasing more in the Phoenix market, May says.