"There's not a lot of opportunities out there, but there are a lot of buyers," Mark Bauer, with CB Richard Ellis Inc.'s Phoenix office, tells GlobeSt.com of the interest in the 711-777 E. Missouri Ave. property. The asking price, coupled with the terms and conditions set by the buyer, sealed the deal for seller East Missouri LLC, a subsidiary of Sterling Capital of Northbrook, IL, Bauer said.
Built in 1980 and renovated in 1996, the 85,324-sf property was 68% occupied at sale time by tenants that include Gentiva Health Services and Titan Insurance. The new owner is currently renovating the buildings' exteriors and upgrading its vacant space with plans to lease out the remaining offices at $17 per sf, Bauer said.
Bauer, who will serve as leasing agent, along with Bob Young, Steven Brabant, Glenn Smigiel, Rick Abraham, all with CB Richard Ellis' Phoenix office, negotiated the transaction for the seller. The buyer handled bargaining in-house.
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