Jason Quintel, senior vice president and project principal forthe Sacramento-based Panattoni Development Co., says DurangoCommerce Center at 2155 and 2255 S. 75th Ave. was intended to be along-term hold when ground broke in March 2007. However, he saysthat "during the entitlement process, we determined there was amarket for buyers out there and decided to take advantage ofit."

Bo Mills, senior director in Cushman & Wakefield of ArizonaInc.'s Phoenix office, says he and C&W senior director MarkDetmer marketed the project to a group of about 40 investors andreceived 10 solid offers. "ING has performed well in the past inthis market. They beat out the competition in terms of pricing andtiming and have a great understanding of the market," Mills tellsGlobeSt.com.

Mills says Durango Commerce Center fit the New York City-basedbuyer's acquisition criteria on many fronts. "It was in a submarketthey liked and it was bulk distribution," he adds. "Their goal isto lease it up and hold it."