Tenant's $740,000 Drives Status Change

PHOENIX-A Paradise Valley buyer has taken the keys to the 7,400-sf Caliber Building under a 1031 Exchange deal, securing a fully leased, two-building complex in a prime location near the Phoenix’s midtown section.

In a $740,000 transaction with seller J. Jelo Inc. of Phoenix, E&T LLP, purchased the 4520 N. 12th St. property and will lease back the space it currently occupies, Kim Soule with Colliers International tells GlobeSt.com. “It’s an absolutely gorgeous building,” says Soule, noting it is adobe-style Southwestern design. “One of the offices even has a fireplace.” At least three bidders vied for ownership, she adds, but E&T came in with the winning offer just $35,000 below the seller’s asking price.

The tenant roster at the two-building complex, located just south of Camelback Road at 12th Street and Campbell, also includes Valley Partnership, a non-profit lobbying group, and Physicians Physical Therapy. Soule and George Long, also with Colliers International, negotiated the transaction on behalf of buyer and seller.