"It was a great deal for the buyer. Long term, it's one of thestrongest properties in Phoenix," Mark Forrester, a partner withHendricks & Partners in Phoenix, tells GlobeSt.com about thetwo-year-old, class A development at 575 W. Pecos Road. "There aretwo interchanges within a half-mile on either side of the propertyso the exposure this property will have is unparalleled to probablyanything in town."

The class A Stonebridge Ranch sits on 27 acres that abut the newSantan Freeway, which will eventually include two interchangesnearby. "There are two interchanges within a half-mile on eitherside of the property so the exposure this property will have isunparalleled to probably anything in town," Forrester says, addingthat the 15 units per acre density was a major bonus in thedeal.

Nine months of marketing generated 25 offers on the propertywhile allowing time for stabilization. Buyer Chandler StonebridgeLP of San Diego offered the high bid, just below the asking price,according to Forrester. The seller of record is FairfieldStonebridge LP.