249,371-SF Tech Center Trades for Nearly $38M

According to Andrew Fosberg, senior associate with CB Richard Ellis' Phoenix office, the marketing period was relatively short for the asset at 1300 N. Fiesta Blvd. Fosberg, who represented the seller WP Carey & Co. LLC of New York City, says Asset Management Consultants Inc. was enthusiastic about the acquisition and quick with its due diligence, which is why it ended up with the deal.

Thanks to its persistence and enthusiasm, the buyer has taken over an industrial complex on slightly less than 17 acres, included 4.5 acres of developable land. The deal also included a long-term lease with Textron Inc. of Providence, RI. "Intesys Technologies had been in there in the late 1990s when Textron bought out the company, then moved operations elsewhere," Fosberg explains. "But Textron remained obligated to fulfill the terms of the lease."

Fosberg tells GlobeSt.com that 11 years remain on the master lease. Textron has subleased the space to two tenants. The largest is United Solutions Inc., formerly United Plastics, which occupies the bulk of a 210,000-sf building, known locally as the Intesys Building.

Fosberg says Asset Management Consultants, which has other area holdings, is taking a wait-and-see approach before deciding upon upgrades to existing space or the fate of the extra land. But the buyer doesn't need to make any immediate decisions, Fosberg points out. "They have the security of a Fortune 500 company that's tied to a long-term lease," he adds. "This presents a great cash-flow opportunity for the company during the next 11 years."

Fosberg partnered with CBRE senior vice presidents Steven Fernandez, John Werstler and John Glassmoyer and first vice president Jerry McCormick. Asset Management was self-represented.