The just-sold property is the former Honeywell building,situated on 19 acres at 16404 N. Black Canyon Highway nearInterstate 17. The deal included enough land for another 150,000sf. "The two biggest upsides are leasing the last 30% as well asthe market continuing to move," says Jerry Noble with CB RichardEllis who helped to lease the asset for the Bellevue, WA-basedseller Hart Properties Inc. and will continue to do the same forShidler.

Noble says Hart Properties had acquired the 26-year-old buildingfrom Honeywell about five years ago. He tells GlobeSt.com that Hartspent close to $4 million in 2005 to convert it from single tenantto multi-tenant office space. "They virtually gutted all theinteriors. Everything was brought back to a shell building," headds. "They implemented a strategy to bring tenants to the buildingand were successful in getting two tenants."

The 70%-occupied center includes major tenants such as PaychexInc. and High-Tech Institute Inc. The going lease rate is $13 persf, triple net with tenant-improvement allowances running from $30per sf to $35 per sf, according to Noble, who teams with CBREcolleagues Patrick Devine and Todd Noel on the leasingassignment.