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PHOENIX-A back-up buyer has picked up the play for the 1.5-million-sf Belden Wire & Cable Co. property, laying $21.8 million on the line for a manufacturing site with a $100-million replacement value and 30 extra acres of developable land. The 95-acre asset, listed at $25 million, lingered eight months on the market before going under contract and then falling out of escrow.

Van Buren Partners LLC’s quick-close offer won the 505 N. 51st Ave. deed. “We had the property had in escrow to a user, which ended up bailing out,” Steve Mardian with Grubb & Ellis

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