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PHOENIX-Bedford Property Investors Inc. has sold Mountain Pointe Office Park for $9.4 million to a local investment group. It is the Lafayette, CA-based company’s ninth disposition this month.

Hannay Investment Properties’ newest portfolio member is a 54,584 sf, class A office building that’s fully leased to Edmonton, Alberta-based Stantec Inc. “Bedford wanted to quietly sell some of their assets by the end of the year so we didn’t do a huge marketing blitz,” says Rick Lee, principal with Lee & Associates Arizona’s Phoenix office. He tells GlobeSt.com that he took the Phoenix property to 10 private and institutional investors and came away with five offers.

Hannay Investment Properties is well known throughout Phoenix as a buyer of office and industrial properties. “They have great reputation for closing deals,” Lee says.

Located on 4.5 acres at 8211 S. 48th St., Mountain Pointe Office Park was built in the late 1990s. Hannay Investment Properties paid cash for the building, which resulted in a GAAP gain of $3.6 million for Bedford.

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