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PHOENIX-A 20-year-old, multi-tenant industrial building that was 60% vacant has been sold for about $2.2 million to a well-known Phoenix-based group with numerous holdings in the region.

SMT Investors took over ownership of the 52,257-sf building at 3420 S. 7th St. in South Phoenix under a sale agreement with Palo Cristi Airpark II LLC of Phoenix. The single-story industrial building, which fronts 7th Street in an industrial section near the Rio Salado River, had been on the market about four months when SMT made its offer, Jim Stockwell, with Ross Brown Partners of Phoenix, tells GlobeSt.com.

“The location and the price per square foot made it attractive,” Stockwell said of SMT’s $42-per-sf investment deal.

Stockwell and Mike Goldwater, also with Ross Brown Partners Inc., represented the seller in the transaction. The buyer was represented by Nathan Thinnes, formerly with Ross Brown Partners Inc. and now with Cushman & Wakefield of Arizona Inc.

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