"Phoenix is one of the key markets that Capital CommercialInvestments wanted to enter," says Paul Boyle of Grubb &Ellis/BRE Commercial LLC who represented the buyer along withpartner Rick Danis. Dennis Desmond of Trammell Crow Co. representedthe seller, International Capital Partners, a private investmentgroup located in nearby Scottsdale that owns 18 properties,totaling 1.4 million sf of commercial real estate throughout theValley.

The circa-1950s building, which is 100% leased to Honeywell, islocated at 202 S. 27th St. near Sky Harbor International Airport.Not only has been refurbished, but Honeywell has made a significantinvestment in the building's infrastructure, Boyle says.

Boyle tells GlobeSt.com that Capital Commercial Investments cameto Phoenix and decided to acquire the facility in off-markettransaction. "They liked the location near the airport and themanufacturing use," he says. "It fit their acquisition criteriavery well."