During the first go-around, the offers for 101 N. Wilmot Rd. didn't impress the seller so the building was pulled from the market. "One of the things we did was to get tenants into long-term leases so the investment market would receive the property in a positive fashion," says Jerry Hawkins, vice president with CB Richard Ellis Tucson LLC, who represented the seller.
Hawkins says some tenant-improvement work was done prior to the re-marketing. As a result, the latest sales campaign produced six quality offers. "The marketplace received offers very well to the point that we got to pick and choose who the buyer was," Hawkins says.
Hawkins tells GlobeSt.com that a local investment group, acting as 101 N. Wilmot LLC, ended up with the 100%-leased building because of its efficient approach to the sales process. It also helped that the CBRE team had sold a Tucson high-rise at 4801 E. Broadway Blvd. in early 2006 to the same buyer so they were familiar with the ability to close.
The 1980s-constructed building is situated on 4.35 acres. Tenants include Rincon Research Corp., Science Applications International Corp. and Title Guaranty Agency. With its headquarters location now sold, Research Corporation Technologies is relocating to 10,000 sf in Williams Center at 5420 E. Broadway Blvd.
CBRE first vice president Robert Davis and senior analyst and associate Howard Kong teamed with Hawkins to represent the seller. Independent broker Greg Vinikoor of Tucson represented the buyer.
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