"The top two or three offers were all within the same ballparkin so far as price," says Bob Buckley, senior vice president inTrammell Crow Co.'s Phoenix office. "The buyer has othersubstantial holdings here in town so it made sense to go with him."The Phoenix investment group's newest acquisition are 5222 and 5416E. Baseline Rd.
Buckley, who brokered the deal with TCC colleagues TracyCartledge and Steve Lindley, tells GlobeSt.com that the 11-acredevelopment was built by the seller, Phoenix's MF Diessner &Co. in a joint venture with a Dutch company.
Buckley says the buildings were slow to lease up after theircompletion in 2001. "When they'd built it, we were well into thedownturn plus they were in an emerging market," Buckley tellsGlobeSt.com. "They didn't anticipate holding them for that lengthof time."
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