Global Bridge Partners of Irvine has spent $3.4 million for themulti-tenant industrial complex, taking control under the entity ofChandler Business Park Ventures LLC. The plan is to sell off the 10buildings to private investors, following the same exit plan thatthe partnership has used with several other Arizona properties."That is (Global Bridge Partners) forte," Paul Boyle, senior vicepresident with Grubb & Ellis/BRE Commercial, tells GlobeSt.com."They look for properties that can be converted into freestandingindustrial sales."

Boyle says the fully occupied business park at 3145 to 3185 N.Colorado St. has already received full approvals from the City ofChandler to be converted into separate single-owner properties andcurrently is on the market at prices ranging around $85 per sf. TheIrvine-based investment partnership picked up the complex for$62.55 per sf with an unsolicited offer to seller InternationalCapital Partners of Scottsdale.

The partnership has used the same sales strategy before inTucson where it bought and then sold about 360,000 sf in separatebusiness parks in that city, Boyle says. The group also recentlypurchased a business park in Albuquerque, NM with the sameintention, he confides.