Consolidated Holding Corp., a private investor group based out of Carefree, sold the 19-year-old project after receiving eight offers. Freeport Investments won with an all-cash offer and 30-day closing.
"Consolidated thought it seemed like a good time to sell," says Marcus Muirhead, an investment sales broker in Phoenix for Marcus & Millichap, who represented Consolidated in the transaction. "They had reached the end of their expected hold. They purchased the Willows in 2000."
Muirhead tells GlobeSt.com that the Willows, located in the Midtown submarket, suffered from several tenant departures at the end of 2003. The project was 58% occupied at sale time by tenants such as the US Tennis Association and WestGroup Marketing.
Freeport Investments, which owns a mix of office and industrial assets in the Valley, plans to do some minor renovations to the property and implement a leasing program. "The buyer really liked the setting," Muirhead says, noting that the Willows is surrounded by koi ponds, fountains and lush trees.
Michael Hackett, also with Marcus & Millichap, represented Freeport Investments, which is handling the leasing and management. The Willows leases for $14 per sf to $15 per sf.
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