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GILBERT, AZ-An unsolicited offer has ended with Preston Management LLC pocketing keys to a 26,000-sf, class B office building for $3.5 million. The Lafayette, CA-based buyer has renamed the building to Fiesta Office Center.

The seller, D Big LLC, has occupied the 1325 N. Fiesta Blvd. property since it was developed in 1998. After D Big was bought by Brooks Automation, it vacated 10,086 sf and put the holding on the market. Including Brooks, which is still paying rent, the building effectively is 80% economically occupied. Other tenants are Northern Arizona University and King of Prussia, PA-based Novacare Inc. The building rents for $17.50 per sf, full-service. The new owner is in talks with a company to take over the Brooks Automation space, says Paul Sieczkowski, a vice president in Phoenix for Colliers International Inc.

Fiesta Office Center is Preston Management’s first buy in the Valley. “This is a value-added opportunity because it moves from a 7.5% cap rate to a 10% cap rate with the leasing of the Brooks space and the vacant space,” Sieczkowski tells GlobeSt.com. He teamed with Mike Parker and Rob Martensen, also with Colliers, to broker the deal.

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