Robert Hervey, executive vice president and senior managingdirector of Minneapolis-based NorthMarq Capital Inc.'s Los Angelesoffice, and James DuMars, senior vice president and managingdirector in Phoenix, arranged the financing. Hervey says threelenders stepped forward with compelling offers to finance the 4141W. Van Buren St. property, with Des Moines-based Principal RealEstate Investors LLC landing the deal.

Hervey says Principal provided a six-year-term and 30-yearamortization on a 65% loan to value financing. The interest rate is6.1%. "Principal had the best terms, with the spread andamortization," Hervey tells GlobeSt.com.

Hervey says Amir Development bought the building when it wascompleted and has no plans to sell or renovate at this point.Maricopa County assesses property at $10.4 million. "The buildingis still in very good condition," he adds. The asset is locatedabout half mile south of Interstate 10.