According to Jim Fijan, executive vice president with CB RichardEllis in Phoenix, New Cities Land Co. in Monterey, CA opted to sellthe 97%-occupied building at 8601 N. Scottsdale Rd. because of anextraordinarily strong market. "Scottsdale is a submarket wherethere is a lot of capital looking for deals, but not a lot of dealson the market," he says.


Teaming with CBRE executive vice president Jerry Roberts, Fijantells that the three-story building attracted 10 offersduring a month-long marketing period, then went to a best-and-finalround with three bidders. The Des Moines-based Principal had thehighest offer, but the seller also liked its track record forclosing, according to Fijan. "The other two were competitive," hepoints out.


Fijan says the appeal from investment circles was the centralScottsdale location. Plus it didn't hurt that the main tenant,Wells Fargo Bank, has 48% of the class A space leased for the longterm. "Wells Fargo moved their regional offices to this locationbecause they realized they could service north and south Scottsdaleout of this one area," Fijan adds.


Phoenix-based Opus West Corp. developed the 5.5-acre site in1999. Gainey Center I will continue to be managed by MetroCommercial Properties of Phoenix with CBRE continuing to leaseit.

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