"The lease helps to bring the building to 93% occupancy, andthere are just a couple of smaller suites left," John Bonnell, avice president in Phoenix for Dallas-based Trammell Crow Co., tellsGlobeSt.com."With the new lease, Prudential thought it would be agood time to sell the project." He and TCC's Don Mudd lease theclass A asset.
Built in 1987, Country Club Manor is a two-story, garden-stylecomplex situated next to the Phoenix Country Club at the edge ofthe Midtown and Downtown North submarkets. Parsippany, NJ-basedPrudential Financial owned the two-building project for fiveyears.
According to Bonnell, Olympic Mortgage was attracted to CountyClub Manor because of its class A quality and reasonable rentalrate. "Right now they're leasing space at 313 E. Camelback and theywere paying higher rents," he explains. "They were able to make amove to Country Club Manor and have a lower rate and keep thequality."
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