"The buyer is a local family. I believe they sold a large tract of land that was a farm they operated. They wanted to turn that asset into an income stream," says Bob Buckley, senior vice president with Trammell Crow Co.'s Phoenix office. He and the TCC team of Barry Gabel, Melinda Korth, Tracy Cartledge and Steve Lindley brokered the deal on behalf of LaSalle.

Located at 15880, 15990, 16100 N. Greenway-Hayden Loop, the complex was 88.9 % occupied when it changed hands. Allied Waste Management Inc., the lead tenant, occupies about 54% of the class A space. "There are ongoing negotiations for another 10,000 sf that would take the property to about 95% percent occupied," Buckley says. Leasing, he adds, is being handled by local firm, Shell Commercial. The complex was developed between 1996 and 1998, but it doesn't need a renovation, he adds.

Buckley says the property was ready to be marketed when the buyer surfaced. "The buyers' group learned of it, then came to us and made us an offer," he tells GlobeSt.com. "We told them what it would cost to take it off the market and they met that price." The final price, he continues, was consistent with the seller's value expectations.