Marcus & Millichap (NYSE: MMI), a commercial real estate investment services firm, announced Monday the sale of a 26,531-square foot office property in Phoenix for $1,200,000.

The property has one tenant with an occupancy rate of 38 percent, and the owner plans to completely renovate the building. It was built in 1976.

The office, Shea Professional Plaza, was purchased by a trust. It was secured and represented by Michael R. Myrick, an investment specialist in Marcus & Millichap’s Phoenix office.

Shea Professional Plaza is located at 3101 East Shea Blvd.