GPE Closes Deal on Multi-tenant space in East Valley—a silver lining in office real estate future

Aug. 3, 2011 - PRLog -- (Scottsdale, Arizona) -

GPE Commercial Advisors, an award-winning commercial real estate firm, secured the sale of a 4,913 square foot, multi-tenant office space in upscale, Spectrum Falls Professional Park on 2730 South Val Vista Drive in Gilbert. The property sold for $728,019 and is located near retail and hospital developments.

This sale is part of a sustaining trend in office property. According to Reis, a New York commercial real estate research firm in report to NREI.com: "Companies absorbed 5.5 million sq. ft. of office space nationwide in the first quarter this year, marking the second straight quarter of positive absorption since 2007."

The 3-unit building was 100% leased by three tenants: Labcorp, American Family Insurance and Edward Jones. The buyer purchased the property with no plans to occupy.

Senior Vice President, Bret Isbell, and Russell Fine, Associate, of GPE Commercial Advisors, represented Wells Fargo Bank (seller). Fran Marotta, of MarCor Commercial Real Estate Services, represented Spondeo Investors LLC (buyer).

About GPE Companies

Founded in 1973, GPE Commercial Advisors and GPE Management Services are the premier providers of award-winning commercial real estate sales, leasing, property management and consulting solutions for business, office, medical, dental, retail and industrial properties in the Greater Phoenix Metropolitan area. 2011 Ranking Arizona ranks GPE Commercial Advisors as the Valley’s #1 commercial real estate company and GPE Management Services among the top ten property management companies. GPE has also been named a Top Leasing Firm by CoStar Power Broker Awards, and one of the Valley's "Best Places to Work" by Phoenix Business Journal.

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GPE Companies offers complete commercial real estate services for property management, sales and leasing.