"I think the buyer liked the location, the visibility on the freeway, the parking and the strong tenant list," Jim Fijan, executive vice president with CB Richard Ellis' Houston office tells GlobeSt.com. At sale time, the buildings at 4646 and 4886 E. Van Buren St. were 96% and 88% leased, respectively. The structures hold the headquarters of Cemex USA Inc. and regional offices for Malcolm Pirnie Inc. and Clear Channel Communications Inc.
Fijan says the selling partnership--Rosemont, IL-based McShane Corp. and Globe Corp. from nearby Scottsdale--were ready to take advantage of marketplace dynamics of their only holding. "They'd just completed phase II of Gateway Centre. With the market so strong, they decided it would be better to sell them," he tells GlobeSt.com.
Pacifica won the nod with the highest offer, says Fijan, who teamed with CBRE senior vice president Jerry Roberts to negotiate the transaction. "We got a lot of offers pretty close to each other," Fijan says. "This buyer stepped up, had a short due diligence period and it closed in a short period of time."
Fijan says Pacifica, planning a long-term hold, won't be making any changes to the property. "Phase I was completed in 2001 and phase II just built in 2005," Fijan says. "It's still fairly new product."
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