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$8M Nabs Net-Leased Office Building

SURPRISE, AZ-A 34,829-sf class A office building that is fully leased to residential developer Del Webb Corp. until 2009 garners eight offers before passing to North Creek Business Park LLC. The Bellevue, WA-based buyer pays $8.2 million for the two-story structure.

By Jennifer D. Duell | Updated on April 25, 2005

SURPRISE, AZ- North Creek Business Park LLC has made its first purchase in the Valley, paying $8.2 million for a 34,829-sf class A office building that is fully leased to residential developer Del Webb Corp. until 2009. Del Webb is a division of Pulte Homes Inc.The Bellevue, WA-based buyer purchased the building from developer and owner, Minneapolis-based Ryan Cos. “Even though the building has a relatively short net-lease on it, we still received a lot of interest,” says Glen Smigiel, first vice president of CB Richard Ellis Inc.’s Phoenix office. He tells GlobeSt.com that the six-year-old building received eight offers during just 30 days on the market. Smigiel, Bob Young, Steven Brabant, Rick Abraham and Charles Miscio represented Ryan Cos. North Creek Business Park was represented by John Werstler and Jerry McCormick, also of CBRE’s Phoenix office, and Joe Baldwin in CBRE’s Seattle office. Doug Mueller of LJ Melody & Co.’s Phoenix office arranged the financing.”There were a number of buyers that made offers right around the list price,” Smigiel says. “The buyer had worked with CBRE before and we knew them to be a quality buyer.”Located at 14780 Mountain View Blvd., the two-story office building has always been occupied by Del Webb, according to Smigiel. “The building is in a good, strong long-term location, and it’s very attractive and well built,” he says. “Even though it’s net leased, it was designed to be a multi tenant building, so down the road it can be converted to multi-tenant if necessary.”

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