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 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.

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