Arizona

PHOENIX — Robert C. Penney has acquired Parkwood Professional Plaza, a 73,514-square-foot medical office plaza in Phoenix, for $3.2 million. The plaza is located at the intersection of 19th Avenue and Missouri Avenue. The property was 40 percent occupied at the time of sale. The new owner plans to implement a capital improvement program before flipping the asset. Nick Miner of ORION Investment Real Estate represented the seller, Parkwood Commercial Properties LLC.

SCOTTSDALE, ARIZ. — A joint venture between Lincoln Property Co. and Goldman Sachs has purchased Gainey Center II, a 146,770-square-foot office building in Scottsdale, for $35.2 million. The building is located at 8501 N. Scottsdale Road. Gainey Center is situated about one mile from Loop 101 within the Gainey Ranch community. The building is 89 percent occupied. Notable tenants include J.P. Morgan, TPI Composites Inc., Apriva and McGraw Hill Financial. The space will undergo minor renovations to the lobby, common area, landscaping and signage. CBRE’s Jerry Roberts and Pat Boyle are handling the building’s leasing efforts, while LPC is providing management services.