Grubb & Ellis/BRE Commercial LLC senior vice president Eric Wichterman says the office building at 1048 N. 44th St., built in 2006, was initially introduced to the sales market in summer 2007. "The seller took it off after several months because other things were selling and they didn't need the capital at the time," he explains.
Wichterman, who represented the seller, says the building attracted three offers when it was reintroduced to the market last spring. He credits Granite's track record with winning the deal, telling GlobeSt.com that its $60-million acquisition in 2007 of the 190,702-sf Gainey Ranch Financial Center at 7373 E. Doubletree Ranch Rd. provided a high level of comfort to the seller.
In addition, Wichterman says Granite Capital had 1031 exchange money that "met up perfectly with the debt that had to be assumed." The loan matures in March 2017 and has a mid-5% fixed-rate interest rate.
Wichterman says Meridian West is a merchant building and had no plans of keeping the building after it was built. Steve Kohls, principal with Lee & Associates in Phoenix, helped to broker the sale and will continue with the leasing assignment. Tenants include V3/Landmark Engineering, Meridian West Development LLC, Pinnacle Design Inc. and Blockbuster Inc. The sales team included Grubb & Ellis senior associate K. Ann Sondrol.
Want to continue reading?
Become a Free ALM Digital Reader.
Once you are an ALM Digital Member, you’ll receive:
- 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
Already have an account? Sign In Now
*May exclude premium content© 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.
