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PHOENIX-Just 15 days after it went on the market, Palm Plaza, a 25,255-sf, class B office building, has been scooped up by a 1031 Exchange buyer from California with a $2.5-million offer for a 96%-leased property in Phoenix’s Uptown market, where vacancy rates on larger buildings can run a staggering 50% or more.

“Most people view that market as really struggling, but if you look at the market–building by building–and separate the larger properties from this smaller garden types you’ll see the market is quite healthy for the smaller 40,000 sf and below buildings,” Eric Wichterman with Grubb & Ellis/BRE Commercial tells GlobeSt.com.

Wichterman says several investors made offers on the two-story structure at 141 E. Palm Lane in Phoenix, but the it was the full-price offer from Palmer Hughes III, a private investor from California, that closed the deal. Wichterman and Stan Shafer, also with Grubb & Ellis/BRE Commercial, coordinated the transaction for seller MJA Investments.

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