Urban Capital LLC closed escrow on a three-story, multi-tenant office building at 2701 N. 16th St. in Phoenix. The 45,786-sqaure-foot property, called Cambridge Court, sold for $2.39 million, just a little more than $52 per square foot. The building was approximately 62% occupied at the time of sale. Fran Marotta of MarCor Commercial Real Estate is currently marketing the remainder of the building for lease. Steve Grossoehme of Rein & Grossoehme represented the buyer and the seller, St. Johns Woods Associates.