The Phoenix-based buyer took over the property from Denali National Trust, which built the two-building complex three years ago in the Arizona Business Park at the junction of Bell Road and Interstate 17. "It's a very attractive looking project right on the freeway with phenomenal frontage and visibility," Chris Toci, with Cushman & Wakefield of Arizona Inc., tells GlobeSt.com. "The design and construction is second to none."

Built in 2000, the single-story office complex at 16605 N. 28th Ave. and 16610 N. Black Canyon Highway feature steel-frame construction with decorative stone accents and high-performance glass exteriors. The buildings, each set around a landscaped courtyard with water features, are 95% occupied with leases extending from 2 1/2 to five years. Among the tenants are Syntellect, a firm that develops coding for voice-activated response systems and Blue Star Solutions, an information technology outsourcing company.

Toci said the complex's solid tenant base prompted an influx of interested buyers with between five and seven offers tendered. Denali selected Hannay, however, because of the buyer's understanding of the marketplace, he said. The firm currently owns a portfolio of about 10 other properties in the Valley.

"The buyer is in this for a long-term hold so they have some stability." Toci noted. "They can ride through these soft vacancy rates and wait for the office market to come back."Toci and Michael Sayre, also with Cushman & Wakefield, represented the seller in the transaction. Denali National Trust was self-represented.