"This group was the most aggressive and they were in a 1031 Exchange. This size accommodated that exchange well," Dennis Desmond, a senior vice president in Phoenix for Dallas-based Trammell Crow Co., tells GlobeSt.com. "They had a good track record. We had not done business with them before, but our investigation of their history in Phoenix was positive."
Granite Capital Investments Inc. of Los Gatos beat several offers and brought the highest bid for the four-year-old development. The 55,591-sf Clearview Commons sits on 4.5 acres in the 150-acre Superstition Springs business and office park. The sale included two buildings: the 34,829-sf Building A and 20,762-sf Building C. A third building sold several months ago. Granite Capital obtained acquisition financing from Charlotte, NC-based Wachovia Corp., serviced through Johnson Capital Partners of Arizona in Phoenix.
Located at 7205 and 7211 E. Southern Ave., Clearview Commons originally went to market last October with an asking price of $7.1 million, says Desmond. Rents average $12.50 per sf, with tenants ranging from office, industrial and retail users, including H&R Block, Quizno's, Edward Jones & Co. and Barro's Pizza.
Boasting 84% occupancy at closing, the property sits on the southeast corner of Clearview Avenue and Southern Avenue, close to the Superstition Springs Mall and US Highway 60. A limited liability company, led by Voit Development Co. of Scottsdale, developed the property in 2000 specifically to sell to a new owner, adds Desmond. The group sold the 54,000-sf Westwind Terrace office building, also located in the park, in January for $8.6 million to Maverick Holdings Co. LLC of Phoenix.
Granite Capital Investments owns several retail developments in the Phoenix area. The seller's team consisted of Desmond and John Bulkley, Susan Hall and J. Benham Malcom, all with Commercial Properties Inc. of Tempe. The buyer was self-represented.
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