"We had several bidders close to the asking price and they kept bidding each other up," Bob Young with CB Richard Ellis Inc.'s Phoenix office tells GlobeSt.com of the intense interest in the 5551 W. Talavi Blvd. property, which is leased to Honeywell. The high-tech giant has a long-term lease on the property for its small jet and helicopter instrumentation equipment operation, a product line of its aerospace division.

In the final round of bidding, Falcon Real Estate of San Diego beat out 15 other prospective buyers with an offer that was $400,000 more than the original $19-million asking price to take the keys from seller Summit Commercial Properties of El Segundo, CA.

Young says the two-story building, located in the city's Talavi Business Park at Bell Road and Talavi Boulevard, fit the buyer's requirements for a high-quality, investment-grade tenant. "It's on a campus where Honeywell owns their own buildings and the buyer felt they were going to be there a long time," he says of the motivation behind the buy.

Young says the structure, constructed in two phases in 1991 and 1998, was part of a three-property portfolio that the seller recently decided to put on the market. The remaining two properties will be put up for sale shortly.

Young, along with Glenn Smigiel, Steve Brabant, Rick Abraham, Jim Fijan, Jerry Roberts, Tom Adelson and Kevin Calihan, all with CBRE in Phoenix, represented both parties in the transaction.