According to Stan Shafer, senior vice president of Grubb & Ellis/BRE Commercial, LLC's Phoenix office, the long-time tenants had just renewed a 15-year lease for the 2632 N. 20th St. building. "When you have a property and a tenant with a 15-year lease, that's a very saleable point," he tells GlobeSt.com. "The seller thought it was the opportune time to sell the property." He and Grubb & Ellis/BRE partner Eric Wichterman represented both local parties: the seller, 2632 N. 20th Street LLCP, and buyer, Desert Breeze 20th Street LLC.

Located near the intersection of 20th Street and Thomas Road, across the street from the Arizona Heart Hospital, the property, developed in the mid-1980s, had been marketed at $10.5 million. The listing was on the market less than two months, picking up 12 offers. Shafer says the buyers got the nod for the property because "they offered a competitive price and they were very aware of the tenant." Additionally, he adds, the buyers made sure to thoroughly familiarize themselves with the property. He says there are no renovations planned for the building.

The transaction marks the buyer's first in the metro area. It's uncertain if whether the corporation plans to purchase more metro properties in the future, though the seller owns multiple properties in the Phoenix area.