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$7M Flips 55,000-SF Call Center Deed

PHOENIX-An 1031 exchange investor from Oregon pays $7.2 million to beat out a half dozen other investors vying for a fully leased flex building, bought just nine months ago for $4.1 million from the May Department Stores Co.

By Jennifer D. Duell | Updated on January 19, 2005

PHOENIX-A local investment group has flipped a 55,000-sf, fully leased call center to a 1031 exchange buyer from Portland, OR, realizing a profit of $3 million after just nine months of ownership.

TC Baseline Group LC sold the building at 4611 E. Baseline Rd. for $7.2 million to 4611 East Baseline LLC, led by George Bean. The seller purchased the six-year-old building in May 2004 for $4.1 million from May Department Stores Co., which vacated it in 2003. “The idea was to buy it at a low price, lease it up and sell it,” says Barry Gabel, a senior vice president with Trammell Crow Co. who represented the seller along with Mindy Korth.

Gabel tells GlobeSt.com that more than six buyers were interested in acquiring the call center. “It’s a great building with good cash flow and a good tenant,” he says. The building is Bean’s first acquisition in the Valley.

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