X

Thank you for sharing!

Your article was successfully shared with the contacts you provided.

PHOENIX-The second time was the charm for the 40,026-sf V3 Corporate Center, which has been acquired by Granite Capital Investments Inc. of Dublin, CA. The fully leased, class A office building has brought $10.5 million for its developer, Meridian West Development.

Grubb & Ellis/BRE Commercial LLC senior vice president Eric Wichterman says the office building at 1048 N. 44th St., built in 2006, was initially introduced to the sales market in summer 2007. “The seller took it off after several months because other things were selling and they didn’t need the capital at the time,” he explains.

Wichterman, who represented the seller, says the building attracted three offers when it was reintroduced to the market last spring. He credits Granite’s track record with winning the deal, telling GlobeSt.com that its $60-million acquisition in 2007 of the 190,702-sf Gainey Ranch Financial Center at 7373 E. Doubletree Ranch Rd. provided a high level of comfort to the seller.

In addition, Wichterman says Granite Capital had 1031 exchange money that “met up perfectly with the debt that had to be assumed.” The loan matures in March 2017 and has a mid-5% fixed-rate interest rate.

Wichterman says Meridian West is a merchant building and had no plans of keeping the building after it was built. Steve Kohls, principal with Lee & Associates in Phoenix, helped to broker the sale and will continue with the leasing assignment. Tenants include V3/Landmark Engineering, Meridian West Development LLC, Pinnacle Design Inc. and Blockbuster Inc. The sales team included Grubb & Ellis senior associate K. Ann Sondrol.

Want to continue reading?
Become a Free ALM Digital Reader.

Once you are an ALM digital member, you’ll receive:

  • Unlimited access to GlobeSt and other free ALM publications
  • Access to 15 years of GlobeSt archives
  • Your choice of GlobeSt digital newsletters and over 70 others from popular sister publications
  • 3 free articles* across the ALM subscription network every 30 days
  • Exclusive discounts on ALM events and publications

*May exclude premium content
Already have an account?

GlobeSt

Join GlobeSt

Don't miss crucial news and insights you need to make informed commercial real estate decisions. Join GlobeSt.com now!

  • Free unlimited access to GlobeSt.com's trusted and independent team of experts who provide commercial real estate owners, investors, developers, brokers and finance professionals with comprehensive coverage, analysis and best practices necessary to innovate and build business.
  • Exclusive discounts on ALM and GlobeSt events.
  • Access to other award-winning ALM websites including ThinkAdvisor.com and Law.com.

Already have an account? Sign In Now
Join GlobeSt

Copyright © 2020 ALM Media Properties, LLC. All Rights Reserved.