TC Baseline Group LC sold the building at 4611 E. Baseline Rd. for $7.2 million to 4611 East Baseline LLC, led by George Bean. The seller purchased the six-year-old building in May 2004 for $4.1 million from May Department Stores Co., which vacated it in 2003. "The idea was to buy it at a low price, lease it up and sell it," says Barry Gabel, a senior vice president with Trammell Crow Co. who represented the seller along with Mindy Korth.

Gabel tells GlobeSt.com that more than six buyers were interested in acquiring the call center. "It's a great building with good cash flow and a good tenant," he says. The building is Bean's first acquisition in the Valley.

In October 2004, call center outsourcing company Phase 2 Solutions Inc. signed a seven-year, full-building lease with a $5-million payout over the term. The Baseline Road call center is Phase 2's second call center in the Phoenix Valley although it has multiple facilities throughout the world.

The single-story building, sitting on 6.4 acres within the Baseline 46th Street Business Center, was constructed for St. Louis-based May Department Stores. Gabel says the building is capable of being expanded with a second level and has a 9.5:1000 parking ratio.

According to Gabel, Bean obtained a loan through Minneapolis-based life company 40-86. Keaton Merrell and Jim Pierson with Johnson Capital Partners' Phoenix office arranged the loan.

Instant Insights /

$7M Flips 55,000-SF Call Center Deed

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