PHOENIX-A local investor group led by a physician acquired the 36th Street Office Building for $1.6 million. The 25,434-sf, two-story building, which has been completely vacant since the State of Arizona moved out several months ago, is located at 4440 North 36th St.near the Camelback Road Corridor.

“The buyer got a pretty good deal,” says Kevin Kopp, an associate with the local office of Lee & Associates who represented the seller, the Los Angeles-based Kline Family Partnership, along with Jan Fincham and Pat Dempsey. He points out that the building sold under market value at just $63 per sf.

Kopp tells GlobeSt.com that the buyer, HR-II LLC, plans to occupy about 2,000 sf and will lease the remaining space to other medical users. The buyer was represented by Ray Cashen of locally based Cashen Realty Advisors. In addition to the building, HR-II acquired an adjacent land track to increase the amount of available parking.

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