The Scottsdale-based buyer purchased the 97%-leased, two-building complex from a fund advised by Hartford, CT-based UBS Realty Investors LLC. The fund bought the property at 20410 and 20430 N. 19th Ave. in 2002 from local developer Butte Properties Inc.
"The property offers good access to the freeway, strong tenants, strong occupancy and no lease rollover," says Bob Burnand, a VP with Dallas-based Trammell Crow Co.'s local office. "It's a long-term stable investment."
Deer Valley Office Park was marketed jointly by a TCC team that also included Bob Buckley, Steve Lindley and Tracy Cartledge and Craig Coppola and Bill Blake from Lee & Associates Arizona. Trammell Crow manages the complex; Lee & Associates leases it. The two-story buildings--106,554 sf and 68,655 sf-- sit on 10.6 acres at the intersection of 19th Avenue and Loop 101. Completed in 2001, Deer Valley Office Park is 97% occupied to national and local tenants. Only 16.2% of the leases expire before 2009, Burnand tells GlobeSt.com.
Burnand says the listing received 15 offers. "We knew it would be very well received," he says. "There was interest from private investors, pension fund advisers and REITs."
According to Burnand, International Capital Partners was one of several high-priced offers. "We looked at their offer, timing and credibility," he explains. "The fact that they were local helped." The company obtained debt financing through the Charlotte, NC-headquartered Wachovia Securities in a loan arranged by LJ Melody & Co.'s Phoenix office.
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