"Banner bought this because they've been trying to assemble landto build a new medical building. The hospital is right there andBanner owns other buildings around there," explains Gordon Raguse,senior vice president with Grubb & Ellis/BRE Commercial LLC'sPhoenix office. Raguse represented seller 9th Street TropicalBuilding LLC, which is one of the practitioners in the medicaloffice building at 1515 N. 9th St. The building is less than ablock down the street from the Banner Good Samaritan Medical Centerat 1111 E. McDowell Rd.

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Raguse tells GlobeSt.com the off-market deal came about whenBanner approached the building owner with a proposal that includeda five-year lease-back and termination rights after three years.Banner was represented in the transaction by Steve Corney withJones Lang LaSalle's Phoenix office.

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"The doctor didn't have to worry about moving his practice rightnow, and Banner has the property for when it's ready to build,"says Raguse, who adds that other tenants in the building also haveleases expiring in the next three to five years. "It's a win-winfor both parties."

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In other real estate news, ThyssenKrupp Elevator Co. leased16,481 square feet at the 109,684-square-foot Cabot BusinessCenter. The company will take possession of the space at 3902 E.University Dr. in February 2009. The company will use the space forits sales office and administrative operations as well as forindustrial purposes.

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Pat Harlan, Steve Sayre and Katy Boyd of Cushman & Wakefieldof Arizona, Inc. represented ThyssenKrupp in the leasenegotiations. Aric Adams and Mike Goldwater, also with Cushman& Wakefield, represented property owner Rreef Funds in SanFrancisco.

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