PHOENIX–A local investor has purchased a 188,000-sf mixed-use project for $11.5 million. The complex is located at the southeast corner of Broadway Road and 48th Street in Tempe.

The Presson Corp., headed by Daryl Burton, purchased the Buttes Business Center, a 13-building complex of offices and warehouse space. The buildings range in size from 8,300 sf to more than 26,500 sf.

The seller had owed the popular complex, which is 95% occupied, for just four years. Des Moines-based Principal Life Insurance Co. purchased the Buttes Business Center in 1997 for $7.95 million.

Poised on the border of Phoenix and Tempe, the business park is ideally located in the center of the expanding Valley. Interstate 10 runs just a half-mile to the west, Superstition Freeway is just two miles to the south and Sky Harbor International Airport is five minutes away.

The Phoenix office of Insignia ESG brokered the transaction.

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