Larry Jackel, a principal with Fenway Properties, says he alwaysliked the three-building, class B asset at 5333 N. 7th St. and hadbeen keeping an eye on it. He says the investment group stepped inand made an offer after the asset fell out of escrow a coupletimes.

Cushman & Wakefield of Arizona Inc. executive directorChristopher Toci and associate director Ted Harrison brokered thetransaction between both parties, which Jackel says went smoothly."KBS is a good owner and was fantastic to work with," he says."They're a class act and quality organization."

Jackel says Paragon Plaza is somewhat different from FenwayProperties' usual target asset. "Most of our properties have asignificant value-add component," he tells GlobeSt.com. "They'llhave a lot of capital investment needed for outside work or need alot of interior improvement." But, he says Paragon Plaza is inpretty good shape, with not many upgrades required except for somenew HVAC equipment and small interior and exterior changes.