Robert J. Buckley, SVP with Grubb & Ellis/BRE CommercialLLC's Phoenix office, says DMC Investment collected the portfolioduring a 15-to-20-year time span, with the most recent acquisitioncompleted two years ago. "They still have property in Californiathey're selling and one here," comments Buckley, who helped brokerthe transaction with Grubb & Ellis SVPs Tracy J. Cartledge andSteven K. Lindley. "This was their only portfolio in Phoenix. Itwas a family decision to move out of real estate, at least for theshort term."
He tells GlobeSt.com that Biltmore Holdings beat out the otheroffers because of the company's local expertise and track record.He notes that price played a part, too, though Biltmore's wasn'tthe highest. Buchanan Street Partners, headquartered in NewportBeach, CA, kicked in $13.8 million in equity.
Continue Reading for Free
Register and gain access to:
- Breaking commercial real estate news and analysis, on-site and via our newsletters and custom alerts
- Educational webcasts, white papers, and ebooks from industry thought leaders
- Critical coverage of the property casualty insurance and financial advisory markets on our other ALM sites, PropertyCasualty360 and ThinkAdvisor
*May exclude premium content
Already have an account?
Sign In Now
© 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.
