Stan Shafer with the Phoenix office of Grubb & Ellis Co. is the listing agent and he tells GlobeSt.com that the owners, New York-based Shimizu Development Inc. developed the property about 12 years ago and decided that the time was now right to sell. Greg Valladao and Eric Wichterman with the Phoenix office of G&E are also working on the listing.
When asked about selling in what is less than a bullish market, Shafer says the building's stability at 85% occupancy should get the owners the price for which they are looking.The class A project consists of a two-story, 90,893-sf office building and four single-story and one two-story retail buildings totaling 89,118 sf. Shafer says a notable office tenant includes D. R. Horton and a notable retail tenant is Ruth Chris Steakhouse.
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