The affiliate of Desert Canyon's developer,Chicago-headquartered Alter Group, sold the other two buildings the20-acre Desert Canyon Corporate Campus within the past five years."The development was done, over time, in three phases, and thecompletion and sale of each of these depended on the developmenttime table and lease-up of properties," James I. Clark III,EnTrust's managing principal, tells GlobeSt.com. The deal clincherfor the 2421 W. Peoria Ave. building was a lease renewal withAmerican Express, which stabilized the rent roll.

"American Express and Waste Management account for 95% of thebuilding," Clark says, "and Waste Management just expanded andrenewed a year ago." The average lease is five years.

Clark says the building was marketed to regional and nationalinvestors without an ask. During its 60 days on the market, the2000-constructed building attracted more than half dozenoffers.EnTrust had not dealt with Washington Capital previously,but "they came highly regarded," Clark says. "They represented apension fund so they were an aggressive core investor." In additionto offering the next to highest bid, Washington Capital also put upall cash. "Rising interest rates didn't impact the ability toclose," Clark adds.