The Phoenix Metro Center was sold by California-based investors, BR Birtcher Investments. Jan Fincham of Phoenix-based Lee & Associates Arizona tells GlobeSt.com that BR Birtcher sold the building because it was time to re-deploy its capital back into the California market. The seller bought the 18-year-old structure four years ago.

Fincham says a renovation was undertaken in 1998. Today, it's fully leased to Bank One. He says the property hit the market about a year ago, but it took some time before offers started rolling in. In the end, he says there were five serious offers on the property. "The deal really came to fruition," he says, "in the last 90 days."

Fincham attributes the quick ending to what seemingly started as a long run now that investors are serious about buying. In his opinion, investors have been sitting tight and watching the international front since late last year. But, the deal cycle is up and running and closings are increasing. His calendar for next week is marked with one retail and one office closing.

It's the second all-cash in two weeks for Fincham and partner, Patrick Dempsey. Lee & Associates Arizona's Rick Lee and Mike Garlick also worked on the transaction, with the teams representing buyer and seller at the negotiating table. Last week's sale was a $16.6-million deal for the 110,367-sf Loop 101 and Peoria Avenue Supercenter in Peoria, AZ.