Five weeks of marketing garnered nine offers for 5151 E. Broadway Blvd., Bob Young, a first vice president with CB Richard Ellis Inc.'s Phoenix office, tells GlobeSt.com. The Praedium Group of New York City gave the nod to the Tucson-based Bourn Partners. "They were the preferred buyer because of the fact that they were local, they knew the property and they knew what it took to get the most value out of it," he says.

Bourn Partners got equity from CalPERS and a loan from Sun Life Financial Inc. of Toronto to make the close for the class A building. "The majority of the equity is coming from CalPERS," CBRE's Steve Brabant says. The CalPERS equity was arranged through its adviser, Buchanan Street Partners of Newport Beach, CA.

The 16-story building was listed at $27 million. It's just one of eight high-rise office buildings in the city. Built in 1974, the office building was 23% vacant at sale time versus the market's 11.5%, but the new owner is stepping in to lease and manage the asset, taking the reins from Feldman Equities of Manhasset, NY. The existing tenant roster includes the US Home Corp. and El Paso Natural Gas Co., both headquartered in Houston. and Morgan Stanley of New York City.