"The price got very aggressive," Insignia/ESG senior managing director Dennis Desmond tells GlobeSt.com, referring to the bidding war that gave the keys to Westwind Terrace at Superstition Springs to Maverick holding Co.
Desmond said the two-story property, home to Merrill Lynch, Charles Schwab and Salomon Smith Barney, was on the market only six weeks at an asking price of $8.6 million when the new owner upped the ante by $55,000 to take over ownership of the 6402 E. Superstition Springs Blvd. property. "There was terrific competition for the property, not only by local players but by institutional investors as well," said Desmond. "It became a competitive pricing issue." He said the other bidders were forced out of the running by Maverick's aggressive offer.
Located just south of US Highway 60, the property gave the new owners a prime location, solid tenants and a 94% occupancy rate, Desmond said. The four-year-old building also has no significant lease rollovers until 2005, he noted.
The seller Voit Development Co. of California, which developed the property, was represented in the transaction by Desmond along with Insignia/ESG senior managing directors Karsten Peterson and Dave Seeger, and associate Mark Gustin. The buyer was represented by Ken Elmer, Fred Buck and Ron Schooler, all of EBS & Associates in Phoenix.
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