"The top two or three offers were all within the same ballpark in so far as price," says Bob Buckley, senior vice president in Trammell Crow Co.'s Phoenix office. "The buyer has other substantial holdings here in town so it made sense to go with him." The Phoenix investment group's newest acquisition are 5222 and 5416 E. Baseline Rd.
Buckley, who brokered the deal with TCC colleagues Tracy Cartledge and Steve Lindley, tells GlobeSt.com that the 11-acre development was built by the seller, Phoenix's MF Diessner & Co. in a joint venture with a Dutch company.
Buckley says the buildings were slow to lease up after their completion in 2001. "When they'd built it, we were well into the downturn plus they were in an emerging market," Buckley tells GlobeSt.com. "They didn't anticipate holding them for that length of time."
At closing, one building was at 81% occupancy while the other boasted 92%. Tenants include M&P Mortgage & Property, Farmers Insurance Group, Southwest Kidney Institute plc, Corinthian College and Chela Financial Services. TCC's Karsten, Dave Seeger and Mark Gustin are handling leasing. Buckley says the team already has a couple prospects to fill the remaining space.
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