Buyer Terry Cuellar will set up shop in about 10,000 sf of the building at 15721 N. Greenway Hayden Loop, the lone Arizona asset of the Duane V. Wedeman Revocable Living Trust of Honolulu. With the sale, the trust is exiting the state to focus on properties in Hawaii, says Tracy Cartledge, a vice president with Trammell Crow Co.'s local office.
Cartledge tells GlobeSt.com that Palo Cristi II fell out of escrow twice before Cuellar tied it up. "It was a yearlong process. We thought it would sell a lot faster," he says, adding the building was too large for most owner-users and too risky for many investors although 15 did submit offers.
Cartledge says the property was 70% vacant at the close of escrow. "Any property with this much vacancy will sell at a discount," he says. "If the new owner can lease it up, there's some upside in the deal." The quoted rate is $14.50 per sf, triple net.
Cartledge teamed with TCC's Bob Buckley, Steve Lindley, Trevor Klinkhamer and Michael Kitlica to represent the trust. John Lockey and Bob Diamond with Cuellar Realtybrokered the deal for Cuellar.
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