The San Francisco-based Maier, Siebel & Baber's newest asset is a 198,452-sf, four-story building at 4835 E. Cactus Rd. "We had a buyer in mind and we asked ICP if they would entertain an offer if we brought one to them," says Scott Hardin, a senior associate with Phoenix-based Coldwell Banker Commercial Metro who teamed with VP Eric Brown to broker the sale. Hardin tells GlobeSt.com that Maier Siebel & Baber only wanted to expand its portfolio in the Valley. It also recently sold the 146,318-sf Gainey Center II to the Newport Beach, CA-based KBS Realty Advisors for $37.8 million.

International Capital Partners purchased Paradise Valley Corporate Center in 2003 from Denali National Trust of Phoenix for $33 million. "ICP bought the building when it was still ramping up," Hardin says. "The market has changed so dramatically since then." He says Maier, Siebel & Baber assumed a Bank of America loan, due in 2010, with an interest rate of 5.79% and 30-year amortization.

Situated on 6.3 acres, Paradise Valley Corporate Center is 98% leased. Its lead tenants are American International Group Inc. of New York City and Mayfield Village, OH-based Progressive Casualty Insurance. Rents range from the mid-to-high $20 per sf.

"This deal was location driven," Hardin says. "They like the submarket and the fact that it's surrounded by high net-worth individuals."

In addition to Paradise Valley Corporate Center, Maier, Siebel & Baber also owns a 177,689-sf, class A office building at 7878 N. 16th St. in Phoenix. It was bought in January for $23.6 million.

Instant Insights /

Class A Office Building Nets $40M in Off-Market Sale

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