"This is truly one of the finest office parks in themetropolitan Phoenix," says Steven Gonzalez, a senior investmentassociate with Marcus & Millichap Real Estate InvestmentBrokerage Co. "It is low density with plenty of parking and isarchitecturally unique." Gonzalez, who teamed with Marcus' JamieMedress, tells GlobeSt.com that Hayden Park generated interest from80 would-be buyers before receiving 12 solid offers during a 30-dayrun on the market. The 12-acre campus at the corner of Hayden Roadand Shea Boulevard sold for $191 per and traded at a 6% cap rate."This is one of the highest prices per sf for buildings of thisvintage," he says.

Built in 1986, Hayden Park was 81% occupied at the close ofescrow or seven points below the marketwide average, according toCB Richard Ellis Inc. The park, with buildings averaging 11,500 sfapiece, has an average rent of $24.36 per sf, full-service. Condosin the area are selling for upward of $270 per sf, Gonzalezsays.

"The price for the campus was bid up to a point that atraditional operator couldn't afford it," Gonzalez says. The deal'ssweet spot is the buildings are condo-ready without any renovationor upgrades.

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