The buyer of record, Koll/PER LLC, has picked up threebuildings, built in 1984 on five acres at 1420-1440 E. MissouriAve., from pension fund adviser McMorgan & Co. LLC. MelindaKorth, executive vice president in Phoenix for CB Richard Ellis,says McMorgan represents a rare seller--a pension fund withlong-term ownership of real estate.

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"I think the seller realized it was probably time to go aheadand turn the asset as it had met the ownership goals," Korth says.The CBRE investment sales team included executive vice presidentBarry Gabel and senior associate investment specialist MarkDancer.

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Following a 30-day marketing period that brought multipleoffers, the complex ended up with the Newport Beach, CA-based Kollfor a variety of reasons. "They were an all-cash buyer. They didhave a lender look at this for purposes of a line of credit, butthis wasn't a typical mortgage loan situation that requireddiscretionary approval," Korth tells GlobeSt.com. "This is exactlythe type of property Koll specializes in."

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Koll has snagged an asset with a balanced lease roll. Korth says8% of the leases will roll in 2008, 17% in 2009, 32% in 2010 and13.7% in 2011. The current rents, right now are about 12% below thegoing market rate. "Depending on what happens with the leasingmarket, Koll could, as tenants renew, move rent rates furtheralong," she says. The tenant roster has law firms, financial andhealthcare management companies, management consultants, medicaland dental offices and employee agencies as tenants.

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