Steve Gonzalez and Jamie Medress with Marcus & Millichap Real Estate Investment Brokerage Co.'s Phoenix office represented both the buyer, Burt E. Fugate, and the seller, Edith Mae Gales Trust, from Joshua Tree, CA. Located at 4001 E. Mountain Parkway, the 50% occupied, class B property, was on the market just a week before the sale. "That's the state of the market, things sell that quickly," explains Gonzalez, senior investment associate with Marcus & Millichap. "Plus the quality of the location and the demographics are attractive as well."

The transaction, representing a 1031 exchange for the buyer, was an all-cash deal. That, plus a shorter contingency period, Gonzalez tells GlobeSt.com, is why his offer was accepted over the other five made for the property. He says the buyer, who owns another office center in Mesa, will invest resources to upgrade and reposition the 1997-constructed building.