TEMPE, AZ-Less than two years after buying the 29-acre, 380,239-sf Motorola Diablo Campus for $32 million, Cyburt Hall Partners of Los Angeles and Santa Monica, CA-based Wilshire Capital Partners LLC have sold its for $41million. The partners’ original strategy was to hold the five-building campus for the long term, but market conditions dictated otherwise.

The Muller Co. of Laguna Hills, CA ended up as the new owner of 2900 S. Diablo Way. “This was originally listed with the Palmer Team. The intent was to sell only the four buildings Motorola was in,” Phil Cyburt, managing partner with Cyburt Hall Partners, tells GlobeSt.com. “But, the Palmer Team brought us an offer that included the entire park and we were able to come to terms.” The Palmer Team represented both sides of the transaction.

Brad Hall, also Cyburt Hall managing partner, adds one goal was to develop or hold for development a four-acre parcel. Also in the plan was to assist Motorola with a consolidation move into four buildings, leaving one 100,000-sf structure vacant and available for lease.

“Motorola trickled out of that last building as we were bringing the entire property to market,” Hall says. The vacant building, he adds, didn’t hurt interest in the five-building campus. “It’s an open space and would be good for a back-office type of tenant, one user or two users,” he explains. “That was the interest we were getting on it.”

Cyburt and Hall say their 2004 acquisition from the Illinois-headquartered Motorola came with a 10-year sale-leaseback. Motorola invested $13 million of the sale proceeds into upgrading the buildings, which were constructed between 1985 and 1993. The Motorola Diablo campus houses the telecommunications company’s switchboards, space and systems technologies group and computer group.

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