Located at 10220-10240 N. 31st Ave. near Metro Center Mall, Metro Executive Park received 12 offers during its 45 days on the market, according to Dennis Desmond, a senior vice president in Phoenix for Dallas-based Trammell Crow Co. He tells GlobeSt.com that the prospective buyer was attracted to Metro Executive Park because it offered a value-added opportunity. The 1980s-era complex was marketed at 65% occupancy since the lead tenant, Value Options Arizona, would be vacating 17,000 sf. Other tenants in the complex include Maricopa County and Southwest Behavioral Services Inc.
Desmond partnered with TCC's Trevor Klinkhamer and Ray Harris to broker the transaction for the Newport Beach, CA-based seller. At sale time, the complex's quoted rent was $13.95 per sf, but Desmond says Covington Asset Management immediately boosted the rate to $16.50 per sf.
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