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PHOENIX-Local investor Presson Corp. has purchased the 144,076-sf Eastside Business Center in a $10.1-million, off-market transaction with Hartford-based UBS Realty Investors LLC.

The nine-building business park, located at the northeast corner of 48th Street and McDowell Road, will be repositioned and remarketed by its new owners, who are going into the value-add play with a 40% occupancy. Steve Lindley, vice president with Trammell Crow Co.’s Phoenix office, says the number is somewhat deceptive. “The market has been tough in Phoenix until recently for multi-tenant office warehouse space,” he acknowledges. “But in this particular case, one tenant that represented 20% of the project vacated so the project took a big hit because of it.”

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