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."

|

Durango Commerce Center's larger building contains 568,119 sf,with a rent quote of 38 cents per sf triple net and $4 per sf as atenant-improvement allowance. Right next door is a 101,067-sfstructure, which is being offered for 62 cents per sf triple netwith a $12 per sf TI allowance.

|

Mills says he and Detmer have several prospects looking at thespace. "The building was just finished in December," Mills says,adding "we're optimistic we'll lease this up in a relatively shorttimeframe."

Want to continue reading?
Become a Free ALM Digital Reader.

  • Unlimited access to GlobeSt and other free ALM publications
  • Access to 15 years of GlobeSt archives
  • Your choice of GlobeSt digital newsletters and over 70 others from popular sister publications
  • 1 free article* every 30 days across the ALM subscription network
  • Exclusive discounts on ALM events and publications
NOT FOR REPRINT

© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.