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New Metro Buyer Tackles 60,697-SF Repositioning

TEMPE, AZ-A private investor from Pennsylvania has taken his first deed while he eyes the market for other value-add deals. The metro focus launches with the $5.1-million purchase of a long-dark building, once occupied by Office Depot and Jumbo Sports.

By Amy Wolff Sorter | Updated on September 19, 2005

TEMPE, AZ-In his first entree into the Phoenix metro market, a private investor from Dunmore, PA has purchased a 60,697-sf building, previously occupied by Office Depot and Jumbo Sports. The buyer has paid $5.1 million to Priest Capital Group LLC of Phoenix for the value-add chance.

Grove Parkway Plaza at the corner of Priest and Elliot roads has been dark for awhile. More than half of the space was used as an Office Depot store. “Office Depot pulled out of the Phoenix market a couple of years ago so we’d been working to try to sublet the space for them,” says Cliff Johnston, senior vice president of Grubb & Ellis/BRE Commercial, LLC’s Phoenix office. The other half of the property had been vacant for longer. “The building had originally belonged to Jumbo Sports and they went ahead and split the space into two 30,000-sf spaces,” Johnston says. Jumbo Sports, like Office Depot, is no longer in the Phoenix market.

Cliff Johnston and Brian Kocour with Grubb & Ellis

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