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$4M Turns 55,000-SF Office Deed

PHOENIX-The May Department Stores sells a five-year-old build-to-suit that once housed a credit center. Dark for a year, the single-story office building trades to a local investment group, which has jumpstarted a race to place tenant in six months.

By Lee Simmons | Updated on May 13, 2004

PHOENIX-A 55,000-sf office building, vacant since March 2003, has traded for $4.1 million to a Phoenix investment group that hopes its latest acquisition’s bells and whistles will lure a new tenant by year’s end.

May Department Stores Co. rolled the deed to its former credit center to TC Baseline Group LLC. “The buyer is a value-add buyer with a strong track record and very well capitalized. They are very astute in terms of buying properties and repositioning them in the marketplace,” Barry Gabel, a senior vice present in Phoenix for Trammell Crow Co., tells GlobeSt.com.

Located at 4611 E. Baseline Road, the single-story building was constructed in 1999 specifically for St. Louis-based May Department Stores. The building stood on the market about eight months before TC Baseline entered escrow. The facility, which sits on 6.4 acres inside the mixed-use Baseline 46th Street Business Center, is capable of being expanded with a second story, says Gabel.

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