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.

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Teaming with CBRE executive vice president Jerry Roberts, Fijantells GlobeSt.com 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.

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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.

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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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