Clarion Partners, a Seattle-based pension fund adviser which developed the 214,676-sf property with Dallas-based Koll Development Co., selected the new owner, an entity formed by Desert Troon known as DTR I LLC of Scottsdale, out of 16 potential buyers because of the group's ability to quickly close on the property and its limited contingencies, Bob Burnand, a vice president in Phoenix for Dallas-headquartered Trammell Crow Co., tells GlobeSt.com.
"We got a very strong response. It was very well received," Burnand said of the fully leased property, located at 8665 and 8701 E. Hartford Dr. near the northwest corner of Loop 101 and Bell Road.
Completed in August 2001, the two-story class A office building sits on about 16.7 acres with views of the McDowell Mountains to the northeast and the Valley to the southwest. Its tenants include Centex Homes, Alpine Mortgage and shipping giant, DHL, which holds a 10-year lease.
The sale was the second largest transaction this year for an office complex in the Valley. In February, Houston-based Patrinely Group topped the chart when it bought the two-building Anchor Centre at 2201 and 2231 E. Camelback Rd. for $50 million from Rreef Funds. That deal was facilitated by Bob Buckley, Steve Lindley, Tracy Cartledge and Greg Mayer, all former Insignia/ESG brokers now with Trammell Crow's investment team.
The recent transaction was handled by Burnand along with Trammell Crow's vice president Trevor Klinkhamer and Dennis Desmond. All three represented Clarion Partners of New York City in the property sale. Desert Troon was represented by Ken Elmer of EBS Realty & Associates in Scottsdale.
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