Located at 3489 E. Baseline Rd., the 11,000-sf build-to-suit was completed in 2003. "It'll keep the Express One name," says Doug Fielding, vice president with Marcus & Millichap in Phoenix, adding the company pledged to stay a decade to close the deal.
Other than the fact that new owners have the property, Fielding stresses that things won't change. Express One will continue to have offices there and new tenants are not being scouted out. The transaction, he points out to GlobeSt.com, was not to move employees, but rather a deal to liquefy assets.
"They had a lot of equity in the building," Fielding says. "By selling this asset, they could free it up, pay off their mortgage and take some debt off the balance sheet for other projects."
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