PHOENIX-The Palmwood Terrace sells in one day to a buyer looking to satisfy proceeds from a 1031 Exchange. The LLC put up more than $3.1 million for the 96%-occupied asset. The deal maker was the premier location.

TUCSON-Vacancy, now standing at 6.1%, is predicted to rise in 2003 as will rent, says Marcus & Millichap as researchers peer into the future. To help meet demand, another 750,000 sf will rise in the Valley.

PHOENIX-Caldwell Environmental Associates of Oklahoma signs a three-year lease, valued at $119,232 over its term, for industrial space at 3420 W. Whitton Ave. The yard space and central location corner the decision.

SCOTTSDALE, AZ-Gilbertson Associates is so taken by the building's appeal that it signs a seven-year lease at nearly $24 per sf for 11,000 sf at the Princess II. The irm will relocate from Scottsdale Airpark.

PHOENIX-James Mullin, a well-known Phoenix broker, is EVP and national director while his longtime associate, Rick Breuer is VP. The new specialty group hits the ground running with projects in Sacramento and Gilbert, AZ.

PHOENIX-Roadrunner Glass convinces the owner of a 21,800-sf building in West Phoenix to sell instead of leasing the location. The glass replacement firm intends to occupy about half of the structure. The balance is leased to two tenants.

GILBERT, AZ- Retail developers are working opposite sides of the street in 11 and five-acre tracts in Power Ranch, a sprawling desert community. The projects will bring the usual mix of grocers, fast-food restaurants and drug stores.

PHOENIX-The investment group from Pasadena acquires the Pinnacle at Shadow Ridge, a luxury complex just west of Squaw Peak Freeway. The buyer, says the broker, is looking for like product in the Valley.