Charles Meyers of Phoenix, buying as 48 Piedmont Place LLC, got a seven-year-old development on 4.3 acres at 9633 S. 48th St. Developer Victoria Properties Management LLC has sold the property as part of a strategic consolidation, according to Bob Buckley, senior vice president for Trammell Crow Co. in Phoenix. "They own a number of other assets in the area," he says, "and they have others on the market." The other "for sale" stock includes the 140,438-sf Westmont Tech Center, which adjoins Piedmont.
Buckley tells GlobeSt.com that Piedmont, listed for $12 million, attracted multiple offers. "This particular buyer was straight up. It was an exchange situation and he seemed to want it the most," he adds. "Though he was consistent and competitive with a few other offers, his timing was better. And, he had all the ingredients that gave the seller the comfort level that it would get done."
Buckley says Piedmont Tech Center, close to 100% leased, has a standard lease roll, with two tenants coming up for renewal during the first year. "They also have Wilson & Co. going out to 2015 and they occupy 30-plus percent of the building," adds Buckley, who teamed with TCC colleagues Tracy Cartledge and Steve Lindley to broker both sides of the transaction.
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