Greg Galusha, Pacific Coast Capital Partners' managing director, says the original plan had a longer term hold--at least two years. However, a strong market prompted the JV to put the 14635 N. Kierland Blvd. complex up for sale. Additionally, the sellers had met their leasing goals. "The building is currently 92%, with a pending LOI ready to take it to 100%," Galusha tells GlobeSt.com.Galusha says several offers came to the table during the marketing. However, a partnership between Muller Co. of Laguna Hills, CA and BlackRock Realty Advisors of New York City walked away with the building due to the strength of their bid.
"They had a proven track record and had a good understanding of the asset," Galusha explains. The JV not only offered the highest bid, but built in strong upfront due diligence as well, he adds.
The six-year-old complex has Ryland Group Inc. as the lead tenant in 53% of the class A space. Other tenants are Peter Piper Pizza and McKesson Consulting Services.
Rick Abraham, Bob Young, Glenn Smigiel, Steve Brabant, Brad Anderson and Luke Walker in CB Richard Ellis' Phoenix office along with CBRE's Kevin Shannon in Torrance, CA represented the sellers. The buyers were self-represented.
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