"This isn't an isolated phenomenon," Ari Sprio, senior adviserwith Sperry Van Ness, tells GlobeSt.com. "It's certainly verycompetitive right now. We have a couple situations where we'veclosed at list and a couple situations where we're going undercontract above list."

In Gilbert recently, Permacold Industries Inc. of Columbus, OH,shut out four other bidders from the competition by offering$80,000 above the $2.71-million asking price for Highland Plaza, atwo-building 14,432-sf retail center at 3921-3961 E. GuadalupeRd.

The competition to own that plaza was tough from the start, withthree investors offering the full asking price to seller HighlandPlaza LP of Mesa just one week after the fully occupied propertywent on the market. Sprio's colleague on the deal, Sperry Van Nesssenior adviser Mike Day tells GlobeSt.com that several factors,including the sluggish stock market, an influx of Californiainvestors and a lack of good investment properties, are fueling theoverbidding frenzy.

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