Alvarado Realty picked up the 61,718-sf Biltmore Pavilion at 2525 E. Arizona Biltmore Circle before the two-story office building hit the market after learning that lease-up on the property had reached 94%, Eric Wichterman, with Grubb & Ellis/BRE Commercial tells GlobeSt.com. "'It's a very prestigious location that they felt very comfortable with long term," he says of the buyer.
The building, located in the city's upscale Biltmore area, is adjacent to the Biltmore Hotel and near the Biltmore Fashion Mall. The building's recent lease of 2,010 sf to San Clemente, CA-based architectural firm, the Collaborative West, pushed the property to 94% occupancy and drew the attention of the buyer, who was looking for an investment purchase in a strong area.
Seller Holualoa Arizona Inc. of Phoenix was planning to place the property on the market after filling the vacancies, but Alvarado Realty learned of the lease-up plans and made an offer, Wichterman notes. "This buyer came in when we leased it at 94% so we struck a deal with them," he says.
The building features a tenant list that includes several architectural firms, lawyers, doctors, insurance and financial businesses. Wichterman along with Stan Shafer, also with Grubb & Ellis/BRE Commercial, assisted both parties in the transaction.
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