"This buying entity already owns properties in the area and hasa strong presence in Phoenix," says Karim Demirdache, director ofthe New York City-based Hudson Realty. "It ended up being the bestbuyer for that property." Though the building at 1330 W. SouthernBlvd. was listed by Cushman & Wakefield of Arizona Inc.,Demirdache says it wasn't strongly marketed due to the interestfrom an investment group, buying as Wisterock LLC.

Demirdache tells GlobeSt.com that the partnership planned to putsome capital into the eight-year-old building, which was vacantwhen 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. "Ouroriginal underwriting had it sitting vacant for a year or so, thenleasing it up and selling it."

The Countrywide lease--negotiated and signed within months oflast year's purchase--speeded up the JV's plan. The owners and thetenant kicked in a combined $1.25 million to upgrade the property.When Countrywide moved in last fall, Hudson and itsScottsdale-based partner were ready to sell. To sweeten the latestdeal, Countrywide extended its lease two years.