"The owner had no intention of selling, but (E&H Smith) made him an offer that was too good to refuse," says Pat Feeney, a senior vice president with CB Richard Ellis Inc.'s Phoenix office. He says the buyer was running out of time to find an acceptable exchange property when he placed the unsolicited offer for Hardy Crossing at 8240 S. Hardy Dr. The deal traded at a 6.5% cap rate, which is "pretty pricey," he tells GlobeSt.com.
According to Feeney, Phoenix Newspapers' lease expires in 2008. "There's not too much term left, but it's highly unlikely they would leave," he says, speculating E&H Smith would try to lease it for office use if the tenant vacated. The seven-year-old building is 50% office space.
Teaming with Joe Porter, Dan Calihan and Sabrina Nayer, Feeney represented Hardy Crossing LLC. John Creedon of Corridor Commercial in Phoenix bargained for the buyer.
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