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Nine-Building Business Park Sells for $10M in Off-Market Deal

PHOENIX-Presson Corp. bests several other off-market attempts to get the 144,076-sf Eastside Business Center from UPS Realty Investors. With the deal now done, the repositioning plan kicks in for the 40%-leased, multi-tenant flex complex.

By Amy Wolff Sorter | Updated on September 12, 2005

PHOENIX-Local investor Presson Corp. has purchased the 144,076-sf Eastside Business Center in a $10.1-million, off-market transaction with Hartford-based UBS Realty Investors LLC.

The nine-building business park, located at the northeast corner of 48th Street and McDowell Road, will be repositioned and remarketed by its new owners, who are going into the value-add play with a 40% occupancy. Steve Lindley, vice president with Trammell Crow Co.’s Phoenix office, says the number is somewhat deceptive. “The market has been tough in Phoenix until recently for multi-tenant office warehouse space,” he acknowledges. “But in this particular case, one tenant that represented 20% of the project vacated so the project took a big hit because of it.”

Lindley says Eastside was attracting attention from potential buyers before the marketing campaign was ready to go. “As a result, we had a lot of multiple offers up front so we actually accepted an offer before it was marketed,” Lindley tells GlobeSt.com. Lindley teamed with TCC brokers Bob Buckley, Bob Burnand and Tracy Cartledge to close the deal. Meanwhile, TCC’s Bo Mills, Mark Detmer and James Harper are now marketing it for Presson.

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