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PHOENIX-Ann Arbor, MI-based Captel has sold a 14,539-sf building at 3063 W. Agua Fria Freeway to Lippow Development Co. of Martinez, CA for $3.5 million. The buyer gets a 20-year lease with Claim Jumper, a Los Alamitos, CA-based restaurant chain.

Mark Lucescu of Marcus & Millichap’s Newport Beach, CA office and David Guido of the Phoenix office represented the seller. Jamie Medress and Steven Gonzalez, all with the Phoenix office of Marcus & Millichap, negotiated the sale on the buyer’s behalf.

Medress tells GlobeSt.com that Claim Jumper signed the long-term lease in 1999 for the single-tenant, build-to-suit. The Claim Jumper chain has 29 locations across the West Coast.

Medress says the deal represented the “upleg” of a 1031 Exchange for the buyer. Lippow Development sold an apartment complex in San Francisco and needed to reinvest the proceeds to satisfy 1031 requirements.

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