Located at 1430 and 1438 W. Broadway Rd., the class B buildingsare 60% leased with Murray, UT-based Mountain West Telecom as thelead tenant, says Jeff Hartland, SVP of Grubb & Ellis-BRECommercial LLC, who represented Equus Phoenix in the deal. Hartlandwas assisted by Laurel Lewis, Eric Wichterman and Stan Shafer, alsoof with Grubb & Ellis-BRE Commercial. McMardon was representedby Jeff Jennings with Phoenix-based ProStar Realty.

Hartland tells GlobeSt.com that McMardon will be able to reduceits occupancy costs by 50% or more through its purchase andoccupancy of Gateway Court. The firm is relocating from 4440 SouthRural Rd. "The economics of Gateway Court were favorable with theother rental income in place," Hartland says. "And it offersexcellent freeway access and a central location."

Built in the early 1980s, Gateway Court consists of two,two-story buildings that are connected by a breezeway. EquusPhoenix owned the complex for several years and was activelysearching for tenants when it decided to sell the building,Hartland says. "We had it for lease, but the B leasing market wasproving a bit challenging, so we then transitioned from for leaseto for sale," he explains. The complex leases for $16 per sf.