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Heated Bidding Pushes Office Building Price to $8.7M

MESA, AZ-Maverick Holding Co. antes up $55,000 more than the best deal on the table to take the deed to Westwind Terrace, a 53,823-sf office building in Mesa. Merrill Lynch, Charles Schwab and Salomon Smith Barney are on the tenant roster.

By Beverly Ford | Updated on January 13, 2003

MESA, AZ-A 53,823-sf office building that is home to some of the most prestigious names in the financial industry has sold for $8.7 million, about $55,000 above its asking price, in a deal that drew bids from at least seven other investors.

“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.

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