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Class A Office Building Nets $40M in Off-Market Sale

PARADISE VALLEY, AZ-International Capital Partners harvest $6.8 million from a two-year hold of the 198,452-sf Paradise Valley Corporate Center after two brokers bring in a buyer needing to place some capital and wanting another piece of the Valley.

By Jennifer D. Duell | Updated on February 24, 2005

PARADISE VALLEY, AZ-In an off-market transaction, International Capital Partners has hawked the class A Paradise Valley Corporate Center for $39.8 million, picking up $6.8 million more than it spent in 2003 for the property. The buyer has assumed a $24.6-million loan to close the deal.

The San Francisco-based Maier, Siebel & Baber’s newest asset is a 198,452-sf, four-story building at 4835 E. Cactus Rd. “We had a buyer in mind and we asked ICP if they would entertain an offer if we brought one to them,” says Scott Hardin, a senior associate with Phoenix-based Coldwell Banker Commercial Metro who teamed with VP Eric Brown to broker the sale. Hardin tells GlobeSt.com that Maier Siebel & Baber only wanted to expand its portfolio in the Valley. It also recently sold the 146,318-sf Gainey Center II to the Newport Beach, CA-based KBS Realty Advisors for $37.8 million.

International Capital Partners purchased Paradise Valley Corporate Center in 2003 from Denali National Trust of Phoenix for $33 million. “ICP bought the building when it was still ramping up,” Hardin says. “The market has changed so dramatically since then.” He says Maier, Siebel & Baber assumed a Bank of America loan, due in 2010, with an interest rate of 5.79% and 30-year amortization.

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