"Most people view that market as really struggling, but if you look at the market--building by building--and separate the larger properties from this smaller garden types you'll see the market is quite healthy for the smaller 40,000 sf and below buildings," Eric Wichterman with Grubb & Ellis/BRE Commercial tells GlobeSt.com.
Wichterman says several investors made offers on the two-story structure at 141 E. Palm Lane in Phoenix, but the it was the full-price offer from Palmer Hughes III, a private investor from California, that closed the deal. Wichterman and Stan Shafer, also with Grubb & Ellis/BRE Commercial, coordinated the transaction for seller MJA Investments.
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