TEMPE, AZ-Hudson Realty Capital LLC and Biltmore Holdings LLC have sold a 150,000-sf office building to an El Segundo, CA investment group. With Countrywide Home Loans Inc. in a full-building lease for the short term, the sellers have collected $25 million for a class A asset bought a year ago for $11.3 million.

“This buying entity already owns properties in the area and has a strong presence in Phoenix,” says Karim Demirdache, director of the New York City-based Hudson Realty. “It ended up being the best buyer for that property.” Though the building at 1330 W. Southern Blvd. was listed by Cushman & Wakefield of Arizona Inc., Demirdache says it wasn’t strongly marketed due to the interest from an investment group, buying as Wisterock LLC.

Demirdache tells GlobeSt.com that the partnership planned to put some capital into the eight-year-old building, which was vacant when it was bought, and hold it for the short term. “We took a two- to three-year outlook on the building,” he tells GlobeSt.com. “Our original underwriting had it sitting vacant for a year or so, then leasing it up and selling it.”

The Countrywide lease–negotiated and signed within months of last year’s purchase–speeded up the JV’s plan. The owners and the tenant kicked in a combined $1.25 million to upgrade the property. When Countrywide moved in last fall, Hudson and its Scottsdale-based partner were ready to sell. To sweeten the latest deal, Countrywide extended its lease two years.

Demirdache says the two-year-old JV is actively looking for other properties to buy in the Greater Phoenix metro although he’s not yet declaring where the proceeds of the Southern Boulevard sale might end up. “A lot of credit for this particular deal goes to Biltmore, as they helped put both the lease and sale together. It helps that they’re local,” Demirdache says. “We’re still very active in Phoenix with our deals and we’re very excited about the market.”

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