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PHOENIX-A local investment group has purchased a 6,516-sf building in Thunderbird Palms Medical Complex for $1.9 million in a quick turnaround transaction from the seller, KKT Industries LP.

“This property was on the market, but not for much more than a couple of days,” says Eric Wichterman, senior vice president with Grubb & Ellis/BRE in Phoenix. He and Stan Shafer, also of with the firm’s local office, represented the buyer, Coyote Thunderbird, LLC, and local seller in the transaction. The property, located at 5750 W. Thunderbird Road, is a class A medical office building, built in 2001.

The seller, Wichterman points out, is a physician who was interested in opening an office elsewhere. The buyer, on the other hand, was looking for a strong investment–and this one was it, he explains. “The property was 100% occupied at the time of closing,” he tells GlobeSt.com. “The market is stable. It represented an overall strong investment for the buyer.”

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