Jerry Jacobs of the Phoenix office of Cushman & Wakefield of Arizona Inc. tells GlobeSt.com that he and Larry Downey were in the process of re-leasing the 21-year-old building when they found a buyer in the form of a locally based limited liability company, 6225 Partners LLC. Joe Jackson of SASI represented the buyer.
The buyer intends to occupy a large portion of the building for administrative offices for its medical-related group. Jacobs confides the buyer is courting a prospect to take another sizable chunk.
The loss of several large tenants rather than a plethora of small ones eroded occupancy. A 5,500-sf hit came in May when Employee Solutions filed a Chapter 7 bankruptcy, according to Jacobs. The tenant roster still includes L. Roy Papp & Associates and DEI Professional Services.
Crescent was seeking about $10 million for the building situated in the Camelback Corridor, clearly a submarket that's been hit hard by office vacancies. Still, it's a rare happenstance that a user can break into the prestigious submarket unlike Scottsdale where there's ample opportunity with the inventory of new product, Jacobs points out.
Crescent is sitting tight on its other Phoenix asset: the 28-story Two Renaissance Square in the CBD. It's not up for sale and it's not categorized a "non-core asset" in the portfolio.
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