"We had several bidders close to the asking price and they keptbidding each other up," Bob Young with CB Richard Ellis Inc.'sPhoenix office tells GlobeSt.com of the intense interest in the5551 W. Talavi Blvd. property, which is leased to Honeywell. Thehigh-tech giant has a long-term lease on the property for its smalljet and helicopter instrumentation equipment operation, a productline of its aerospace division.

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

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

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