The original asking price on the building was $14 million. Porter says the building was on the market for approximately three months before the purchaser, RREEF Fund of San Francisco, put it under contract. He notes that the price he received for the property was in the mid-range for that product type in that area. Porter says he received ten other offers on the property, but RREEF's was the highest bid. Fellow CB Richard Ellis brokers, Pat Feeney and Dan Calihan, joined Porter in handling the deal.
RREEF is purchasing the property as an investment. Porter says the building was approximately 75% occupied at the time of the contract, but by the closing had reached 100% occupancy. Porter says RREEF is the preeminent industrial space owner in Phoenix and instantly recognized the value of the building's tenants and park.
Major tenants at the property include the University of Phoenix, Sprint, EDS and CDI Corp. The University of Phoenix has administrative and call center offices in the building while the other tenants house back office systems. Southbank Industrial Park was developed in the mid-eighties and is approximately 200 acres, says Porter. He notes that all of the buildings in the park have high end, usually high tech uses.
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