PHOENIX-With distribution space hard to come by, the distributor of Trane air-conditioning systems, commits to office/warehouse space in Gilbert and Phoenix. The larger lease has a 10-year term with a payout of $3.5 million over the term.

TEMPE, AZ-With retail properties all over the metro showing solid occupancy rates, the 90,862-sf Valley Fair lands a new owner in a $10.4-million sale. The transaction closes escrow in 57 days.

PHOENIX-Millennium 3 Technologies closes the deal, spends $10 per sf on the retooling and moves into 4040 E. Raymond St., a 10,617-sf industrial building that was up for sale for 15 months.

GILBERT, AZ-A Santa Barbara, CA, investor, holding deeds to six franchised El Pollo Loco restaurants, finds its first buyer for a 3,004-sf eatery at 2253 E. Baseline Road. The game plan is to continue the sell-off under the same scenario.

TUCSON-A Los Angeles investment group outbids 20 others for the 173-room Ramada-flagged hotel with a $4.2-million offer at a no-minimum sale that attracted buyers from Spain and South Africa. The bankruptcy court's deadline to close is May 28.

PHOENIX-A California investor, one of five surfacing within 24 hours of the deal coming to market, spends slightly more than $1.4 million for a 12,300-sf office building in a sale/leaseback to a Mexican eatery for continued headquarters use.

PRESCOTT, AZ-Jo-Ann Fabrics & Crafts signs a 10-year lease for 22,400 sf of redeveloped space in a project that forced the longtime Prescott retailer to shift to a temporary storefront. The work will wrap up in the fourth quarter.

PHOENIX-Southwest Behavioral Health Services spends $1.2 million for two acres in uptown to get a project site for an $8-million headquarters. The second purchase, with an $820,000 payout, secures a 11,700-sf clinic near Sky Harbor International Airport.