"The buyer was so aggressive to acquire the property that hewaived a physical contingency and passed through money to theseller after opening escrow," Brian Smuckler, a senior associate atMarcus & Millichap in Phoenix, tells GlobeSt.com. Teodor andLiana Feher closed the deal for 6630 N. 27th Ave. with a five-year,$1.4-million loan with a 30-year amortization and 4.87% fixed-rateinterest from LaSalle Bank Corp. of Chicago. Marcus & MillichapCapital Corp. of Palo Alto, CA arranged the financing.

The 1980s-built property received 19 offers during 30 days ofmarketing by seller, ATCO Phoenix Associates, a New York City-basedinvestment group. The Fehers won out, coming to the closing tablewith $80,000 more than the seller's asking price for a two-bedroomdevelopment primed for a condo conversion. Smuckler says theasset's performance history indicates individual sales should bestrong. Three units were vacant at closing. Smuckler and Ryan Ash,also with Marcus & Millichap, brokered the sale.