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Biltmore Holdings Pays $11M for 80% Empty Building

TEMPE, AZ-Biltmore Holdings LLC pockets the title to a 150,000-sf, class A-minus building in an off-market transaction for $11.3 million. The six-year-old office building is 20% occupied by MicroAge, a technology company that's in bankruptcy.

By Jennifer D. Duell | Updated on April 29, 2005

TEMPE, AZ-The Scottsdale-based Biltmore Holdings LLC, working through a buying spree, has spent $11.3 million for a 150,000-sf, class A-minus building that is 20% occupied by MicroAge, a technology company that’s in bankruptcy.

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.

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