"About 48% of the complex rolls over in 2009," says PaysonMacWilliam, senior vice president with Collier's International'sPhoenix office. He and partner Don MacWilliam represented sellerMountain West Industrial Properties LLC. The broker tellsGlobeSt.com that the in-place leases are 25% to 30% below marketrate for the 100%-leased complex at 405 N. 75th Ave.

According to Payson MacWilliam, the seller brought the holdingto market after owning it two years because the timing was rightfor the product type. Vacancies in the Southwest Valley arecontinuing to fall while rents are steadily moving up. In asecond-quarter report, the submarket's 626,590-sf flex inventoryhad a 12.9% vacancy. Its rents have increased 3.2% in the pastyear.

As a result, MacWilliam says the complex attracted manyinquiries in a semi- off-market scenario. Mark Detmer and RobertMills with Cushman & Wakefield of Arizona Inc. broughtBlackRock to the table. MacWilliam says the new owner won't need todo anything to improve the six-year-old complex.