Jason Quintel, senior vice president and project principal for the Sacramento-based Panattoni Development Co., says Durango Commerce Center at 2155 and 2255 S. 75th Ave. was intended to be a long-term hold when ground broke in March 2007. However, he says that "during the entitlement process, we determined there was a market for buyers out there and decided to take advantage of it."
Bo Mills, senior director in Cushman & Wakefield of Arizona Inc.'s Phoenix office, says he and C&W senior director Mark Detmer marketed the project to a group of about 40 investors and received 10 solid offers. "ING has performed well in the past in this market. They beat out the competition in terms of pricing and timing and have a great understanding of the market," Mills tells GlobeSt.com.
Mills says Durango Commerce Center fit the New York City-based buyer's acquisition criteria on many fronts. "It was in a submarket they liked and it was bulk distribution," he adds. "Their goal is to lease it up and hold it."
Durango Commerce Center's larger building contains 568,119 sf, with a rent quote of 38 cents per sf triple net and $4 per sf as a tenant-improvement allowance. Right next door is a 101,067-sf structure, which is being offered for 62 cents per sf triple net with a $12 per sf TI allowance.
Mills says he and Detmer have several prospects looking at the space. "The building was just finished in December," Mills says, adding "we're optimistic we'll lease this up in a relatively short timeframe."
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