MESA, AZ-The 52-unit First Avenue Apartments sells for $2.5 million to a Los Angeles investor, who leverages the takeover with a 75% loan-to-cost financing. The investor's upside is getting a fully leased complex with rents running 5% to 10% below market.

TEMPE, AZ-Microsemi Corp. expands its operations in the Valley, leasing a 13,972-sf, freestanding building in Broadway Industrial Park for two years. The Irvine, CA-based company will use the space for extra storage for a Scottsdale location.

HOUSTON-Wholesaler Ritaco International Inc. is planning an end of summer move into 15,000 sf of office/warehouse space in the Beltway 8 Business Park. The long-term lease, which doubles the distributor's size, delivers showroom space for a move into retail sales.

CHANDLER, AZ-With plans to develop flex industrial build-to-suits, RRS & Co. and LGE Design Build Corp. pay $9.1 million for the lion's share of land that was just bought in February by a pair of well-known retail developers.

CHANDLER, AZ-With plans to develop flex industrial build-to-suits, RRS & Co. and LGE Design Build Corp. pay $9.1 million for the lion's share of land that was just bought in February by a pair of well-known retail developers.

HOUSTON-Choice Condos of Atlanta emerges as the winner for the 276-unit Braeswood Park Apartments, a 96.7%-leased, class B complex that was hotly pursued by converters. Choice Condos expects to spend about $10,000 per unit to get them ready for the swing.

TEMPE, AZ-Santa's World will use the space to store equipment while it builds a nearby holiday theme park. The Hollywood, FL-based company has signed a 33,000-sf warehouse lease with $144,000 payout.

TEMPE, AZ-International Premium Tile Co. chooses a Southeast Valley location for its first location. The company signs a three-year lease for 10,859 sf of showroom/warehouse space, pushing a 44,000-sf warehouse to full.