The building, located at 1330 W. Southern Ave., was sold by Tucson-based HSL Properties Inc. in an off-market transaction, according to Michael Myrick with Grubb & Ellis|BRE Commercial LLC. He says HSL Properties bought the building out of bankruptcy in 2001 from MicroAge and was ready to divest the asset.

"I knew Biltmore Holdings is rebuilding its portfolio so I approached HSL Properties about selling," Myrick tells GlobeSt.com. "It was a very quick transaction with a motivated buyer and a motivated seller." The seller used in-house representation to negotiate its terms.

Myrick says Biltmore Holdings liked the six-year-old building's location and proximity to Arizona State University. "This building is one of only a handful of buildings that can accommodate a large user," he notes, adding Biltmore Holdings plans to implement an aggressive campaign to lease up the building. The quoted rent is set at $12 per sf to $13 per sf, triple net.