The Grubb & Ellis Co. Phoenix team handling the sale consisted of Paul Boyle, senior vice president, and Rick Danis, senior associate. Tim Benson of Westmark brokered the deal for the buyer, a California partnership represented by principal, Riley Bower Inc.
Danis tells GlobeSt.com that the seller is dissolving partnership and needed to sell. The entity owned just one property in Phoenix. The buyer, says Boyle, was looking to satisfy a 1031 exchange as a result of a sale of a California property.
According to Danis, buyer and seller met and agreed on the terms, keeping the property from going to a traditional listing. The fully occupied buildings have a stable rent roll with staggered lease expirations.
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