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PHOENIX-Long Beach, CA-based Munco, Inc., has plunked down slightly more than $6.5 million to take the deed to a 71,960-sf general industrial, multi-tenant building that is fully leased to six tenants, including Sears and Showcase Home Entertainment.

“They liked that it was a general industrial building that was new and had a diversity of tenant space and great height and loading capabilities,” Curtis Brown, with Ross Brown Partners of Phoenix, tells GlobeSt.com. The property, located at 2255 W. Desert Cove Ave. in Phoenix in the Metro Business Park, was formerly owned by Peoria/Desert Cove LLC, whose managing members developed the project in June 2002 under the entity MainSpring Capital Group. Brown said the building was fully leased within nine months when the seller entered into negotiations with Munco to sell the property.

Munco purchased the project as part of a 1031 Exchange. Brown represented both the seller and buyer in the transaction.

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