"We are so happy with this deal," says Jean Murphy, acquisitionsofficer with Argus Realty. "They're awesome properties." ArgusRealty paid $23.2 for Red Mountain Corporate Center at 4801 E.Washington St. and $27.8 million for Black Canyon Commerce Park at2101, 2133 and 2225 W. Peoria Ave.

"We see Phoenix as a great value for our investors," Murphytells GlobeSt.com. "We plan at least an eight-year hold for RedMountain and Black Canyon." The properties traded at a cap rate inthe 8% range. Warren Johnston with Cushman & Wakefield ofArizona Inc. held the listing.

Murphy says Argus Realty cut a deal when Red Mountain CorporateCenter fell out of escrow. "We stepped in to get both," she adds.The 132,221-sf center consists of a two-story office building and asingle-story retail structure on 11.8 acres.

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