The property at 2315-2327 S. Hardy Dr. was a difficult sell for Robert and Mardi Hull. "We were well-priced, but the challenges there made the selling kind of tough," says Rick Danis, senior associate with Grubb & Ellis/BRE Commercial LLC's Phoenix office, who, with Paul Boyle, represented both buyer, Robert Reisner of Scottsdale, and the seller.

Danis says the main challenge was an existing loan, with a 6.78% fixed-rate interest and 2022 maturity. There is $490,000 remaining on the principal and interest. As a result, "we didn't get many offers on this, but this worked out well for the buyer," he tells GlobeSt.com. "In this case, the buyer saw a vacancy in the property, where he could put his business."

The building, developed in 1978, had an occupancy of 64% at sale time. According to Danis, there are no renovations planned at this time.