- Deer Valley submarket (Phoenix, AZ)
- Purchased in 2011
- Was a 100% vacant and foreclosed two-story 65,000 square foot office building
- Redeveloped 2011-2012 to a single story 32,800 square foot industrial / creative office property
- Now is 100% occupied by two publicly traded companies
- Sold in 2021 for 10.2x (when combined with Phase 2) the original purchase price and over a 20% levered 10-year IRR
