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PHOENIX-A 1031 exchange buyer from Chicago has made his first buy in the Valley, paying $1.5 million for Bethany Professional Square, a 13,802-sf, class C office building.

Stelian Mazilu tied up the asset immediately after it hit the market, according to the buyer’s broker, Frank Balos of Balos & Associates in Phoenix. He tells GlobeSt.com that the new owner feels lucky to have found the 30-year-old building at 6040 N. 7th St. “We looked for two weeks and nothing stood out except this building,” he says, adding the investor considered other listings as overpriced. “He wanted to pay right around $100 per sf,” Balos says.

Mazilu plans to rehab and update the 80%-leased building, including improvements to the HVAC system and vacant offices, Balos says. The new owner has tapped Balos to lease and manage the building, which has a quoted rent of $16 per sf. The tenant roster includes Farrar Financial, ABC Draperies and accountant Vincent Murrietta. Bethany Professional Square was sold by Copperwood Properties of Salem, OR, which was represented by Steve Fernandez, Jenifer Lunt, Andrew Fosberg and Claudia Jara of CB Richard Ellis Inc.’s local office.

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