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Buyer Enters Valley with $4M, Off-Market Office Buy

GILBERT, AZ-An investor from Lafayette, CA, Preston Management LLC, nabs a 26,000-sf building for $3.5 million. The value-add play comes with 15,713 sf of dark space in the class B building.

By Jennifer D. Duell | Updated on July 11, 2005

GILBERT, AZ-An unsolicited offer has ended with Preston Management LLC pocketing keys to a 26,000-sf, class B office building for $3.5 million. The Lafayette, CA-based buyer has renamed the building to Fiesta Office Center.

The seller, D Big LLC, has occupied the 1325 N. Fiesta Blvd. property since it was developed in 1998. After D Big was bought by Brooks Automation, it vacated 10,086 sf and put the holding on the market. Including Brooks, which is still paying rent, the building effectively is 80% economically occupied. Other tenants are Northern Arizona University and King of Prussia, PA-based Novacare Inc. The building rents for $17.50 per sf, full-service. The new owner is in talks with a company to take over the Brooks Automation space, says Paul Sieczkowski, a vice president in Phoenix for Colliers International Inc.

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