The new owners expect the 5353 W. Bell Rd. structure will be in high demand once the renovation's done, says Jim Ebert, a senior vice president with Newport Beach, CA-based Buchanan Street Partners. "The health of the greater Phoenix economy and a continued desire of businesses in the Valley to become owner-operators leads us to believe that reconfigured space of this caliber for sale or lease in the local marketplace will fulfill demand in coming years," he says.

Situated on 31.8 acres, the complex is comprised of an 188,000-sf, two-story building and a 15,000-sf, single-story structure with 1,284 parking spaces. The Morristown, NJ-headquartered Honeywell uses the complex for back-office operations.

The partnership obtained a three-year bridge loan to acquire the property. Michael Guterman, a senior vice president with Buchanan's debt and structured finance group arranged a three-year bridge loan for Buchanan and its Torrance, CA-based partner.