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PHOENIX-A Phoenix investment group has shelled out $1.96 million for the 38,469-sf 7th Street Business Park in an all-cash deal that bought the group a multi-tenant industrial and office project that wasn’t even on the market.

Eddy Moore with Grubb & Ellis told GlobeSt.com that 7th Street Industrial LLC made an unsolicited offer on the 2455 S. 7th St. property that was quickly accepted by the Jackson, MS-based REIT, EastGroup Properties. “They thought it was a good property in a decent location for a long-term hold,” Moore said of the buyer.

The single-story multi-tenant building currently is leased to several tenants, including Southwest Business Essentials, Superior Cleaning and Area Auto, Moore said. He represented the buyer and also walked away with the leasing duties for the project. The seller was represented by Lance Ross of Ross Brown Partners in Phoenix.

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