"There was strong interest and a number of bidders ended up competing" for the 19640 N. 31st Ave., property, Glenn Smigiel with CB Richard Ellis Inc.'s local office tells GlobeSt.com of the building's 30 days on the market. He says the three-story building's prime location off Interstate 17 and Loop 101 along with its high-profile, single-user tenant drew strong investor interest. The building is fully leased to American Express Travel Related Services.
"People believed American Express was going to continue to operate and continue to stay in the building," says Smiegiel, adding the financial firm's seven-year lease made the property particularly appealing. "It truly was a win-win situation."
The purchase from seller Summit Commercial Properties of El Segundo, CA was the first office acquisition for Robert Morrison Inc. of Scottsdale. "They traditionally have been a retail owner but they saw this as a good opportunity," says Smigiel, noting the buyer has a tradition of investing in "good, clean, stable properties."
Besides Smigiel, the CBRE team representing the seller included Bob Young, Steven Brabant, Rick Abraham, Jim Fijan and Jerry Roberts. Robert Morrison Inc. had an in-house broker, Lynn Bennetti, working the buy side.
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