Palm Plaza Office Building in Phoenix Sells for $2M

PHOENIX – Palm Plaza, a 25,000-square-foot office building in Phoenix, has sold to MDR Enterprises for $2 million. The building is located at 141 E. Palm Lane in the Midtown submarket. The property is 85 percent occupied. MDR Enterprises was represented by John Oliver of Century 21 AZ Foothills. The seller, Lee Center, was represented by Justin Horwitz and Jonathan Levy of Sperry Van Ness, and by Paul Christ of Encom Properties. Both parties were completing 1031 exchange transactions.