PHOENIX-A private investor from Lahaina, HI, has paid $850,000 for a 7,500-sf office/warehouse building in the Deer Valley submarket.

Located at 23047 N. 15th Lane, the three-year-old building was sold by T Bar H’s Desert Horizon Development. The building contractor has leased back the building for five years from the new owner, James Carr, says Cory Spanko, an industrial property specialist with Wiley & Associates Commercial Real Estate LLC, who represented T Bar.

“It was a full-price offer,” Spanko says. In two weeks on the market, the building received three offers. The building, situated on a half-acre, is located within the Pinnacle Business Park near 19th Avenue and Pinnacle Peak Road.

Spanko tells GlobeSt.com that T Bar sold the building as part of a 1031 Exchange and is investing the proceeds in the development of three new buildings in the Valley. Carr, which paid cash for the building, was represented by Jeffrey Clements of Phoenix.

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