Biltmore Holdings LLC of Scottsdale bought the 1980s-constructedbuilding at 111 W. Monroe St. and an additional two acres acrossthe street for $20 million in April 2005 from a bank. "Peoplethought they were out of their mind to pay $20 million for all ofthat," says Steve Brabant, first vice president with CB RichardEllis in Phoenix. The vacant land was not part of the latest trade,says the seller's broker, who adds that Biltmore is looking atother options for the tract.

Brabant tells GlobeSt.com that Biltmore's principals investednearly $6 million to prepare the building for condo conversion, butthen took another look at the asset and decided to sell it becauseof the hot market. "This was a classic timing play, accented by thetransformation happening in Downtown Phoenix," he says.

Brabant says the listing attracted multiple offers frominstitutional players and private investors regionally andnationally. BCL Inc. ended up purchasing the building because ofprice. "The buyer wanted a large asset in Phoenix, was aggressiveabout the price and willingness to put up a large deposit and closeas quickly as possible," Brabant says.