PHOENIX—California-based Hyperion Fund L.P. purchased a 58,120-square-foot Class B flex, office-industrial project at 2844 West Deer Valley Road and 2837 West Louise Drive in Phoenix's Deer Valley Submarket. The seller was locally based City Park, LLC, a company formed by Cutler Commercial.

Built in 1983 and 1985, the Deer Valley project is a two-building complex that includes 42,160-square-foot and 15,960 square-foot structures. The project is located at Deer Valley Road and 27^th Avenue one mile from Interstate 17 and two miles from the North Loop 101. The property is leased entirely to Universal Technical Institute, a technical training school for auto mechanics, marine technicians and NASCAR techs. The new owners plan to hold the property and maintain the current tenancy. The property sold for $6.3 million.

Executive managing director Eric Wichterman and senior vice president Mike Coover with Cassidy Turley negotiated the transaction on behalf of the buyer. Wichterman and Coover declined to comment for the story.