MESA, AZ-A Piedmont, CA investment group takes the Fry's Marketplace Shops with a $1.9-million loan assumption with another four years left on the term after a nine-month marketing by two brokerage houses.

SCOTTSDALE, AZ-Bob Lundstedt, Jerry Hillery and Darren Tappen exit Cushman & Wakefield of Arizona as they eye the promise from Deer Valley's potential and users looking for lower property costs than what can be had at Scottsdale Airpark.

PHOENIX-An Iowa investment group, planning a long-term hold, buys a 17,600-sf warehouse with a 20% vacancy. The Black Canyon property is leased to a mix of startups and small service-oriented companies.

PHOENIX-After a year of working the system, MLP Investments gets its first project site in the metro, spending $2.8 million for the northwest submarket land. The 224-unit Adobe Ridge Apartments should be ready to lease by December 2005.

TUCSON-Bourn Partners uses equity from CalPERS and a Sun Life loan to buy 5151 E. Broadway Blvd., 247,075 sf of class A space with upside in a 23% vacancy. Up against eight others jockeying for the deed, the new owner's local presence helps sway the call.

PHOENIX-Mayest Wholesale Florist of L.A. buys a 14,591-sf spec shell in Deer Valley to set up a distribution point for in-state customers and some as far away as Las Vegas. The family-owned company eyes a third-quarter move-in.

PHOENIX-GNC Corp. clears a $4.3-million payout for a 10-year lease to hold tight to a regional distribution center in the metro's southwest submarket. A market comparison and the building owner's plan for retention keep the 8.5-year tenant in place.

TEMPE, AZ-Concord Eastridge lands its first major competition, a 13-acre project laced with academic, retail and residential product. The two-month-old firm was up against two other developers for the prized contract for the Arizona Arts and Business Gateway.