The building is one of the last assets in Fiesta Tech Centerthat Hewson has brought to market. It sits on 5.2 acres at 1405 N.Fiesta Blvd. in the 60-acre corporate park. Joseph H. Porter IIIwith CB Richard Ellis in Phoenix says the building was finished in2001 and partially leased to Spectrum Astro Inc., which waseventually sold to General Dynamics Corp. of Falls Church, VA.

"This was initially designed to be a multi-tenant facility andGeneral Dynamics eventually took the whole building over," saysPorter, who along with CBRE senior vice presidents Patrick J.Feeney Jr. and Daniel P. Calihan represented the seller. NewportBeach, CA-based Koll's acquisition manager Bill Larkin handlednegotiations for the buy side.

Porter tells GlobeSt.com that, despite the seven offers, thebuilding was a difficult sell to would-be buyers because GeneralDynamics had only 34 months left on its lease. "The buyer liked thebuilding because the cap rate was good based on lease risk," Porterexplains. "The tenant is pretty secure there too."