40,000-SQUARE-FOOT INDUSTRIAL PROPERTY FETCHES $1.99 MILLION

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PHOENIX — MMS Phoenix LLC has acquired a 40,000-square-foot industrial property, which is located at 2229 E. Magnolia in Phoenix. CAL/AZ Portfolio No. 1 LLC sold the property for $1.99 million. Built in 1977, the property was 100 percent occupied at the time of acquisition. Pete Klees of Grubb & Ellis|BRE Commercial represented the seller; Rick Foss, also of Grubb & Ellis|BRE, represented the buyer in the transaction.

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