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GILBERT, AZ-A private investor from Scottsdale has purchased a 30,400-sf office-warehouse in Gilbert, southeast of Phoenix. The $2.9-million purchase price equates to more than $95 per sf.

Investor Carl Howell’s new holding is located at 1510 N. Hobson St. It is positioned just south of Baseline Road and east of McQueen Road. The building is about five miles east of the Price Freeway section of the Loop 101. The building was fully leased at the time of the sale from investor Norm Shaw of Scottsdale.

Office space in Gilbert is scarce, with just 500,000 sf combined in Chandler and Gilbert. The vacancy rate for office space is approximately 9% in comparison to the 10% average in the Valley. Gilbert’s industrial vacancy rate is riding at nearly 7.6%, about equal to the overall industrial vacancy rate. Brokers Bruce Campbell, Ron Clark, Steve Fernandez and Jenifer Davis, all of the Phoenix office of CB Richard Ellis, have negotiated the sale.

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