The closing of Scottsdale-based CMD Realty Investment Fund IV LPled to the disposition of Gateway One, Gateway Two and GatewayThree on 44th St. Bob Young, first vice president with CB RichardEllis Inc.'s Phoenix office says Transwestern Investment Co. of LosAngeles offered a substantial deposit and a short due diligence,which helped it stand out from other bidders.

Seller representative Young tells GlobeSt.com that the25-year-old complexes are the first assets to be sold from Fund IV,and other closings will soon follow. The Fund's portfolio includesproperties in Arizona, Texas and Florida.

Young explains that CMD managed the property for the most part,but prior to the sale, the asset manager left, so CBRE ended upwith the temporary leasing and management assignment until closing.Transwestern will take on those activities, which Young says wasn'tsurprising. "They typically do their own leasing and management,"he adds.