Located at 4455 E. Camelback Rd., the property's tenancy at sale time was "was around 80% or so, with another tenant moving out of 20,000 sf in January 2006 so that occupancy was heading down to 60%," Michael White, senior vice president of locally based Grubb & Ellis/BRE Commercial LLC, tells GlobeSt.com. The dropping occupancy, in fact, was one of the attractions for Shea. "Also, the fact that it consists of five buildings and it's a garden-office type of project. We can go in and devise spaces for smaller units, which was also attractive," says Richard Stannard, director of acquisitions for Shea Commercial.

Stannard says renovations will begin immediately, adding new roofs on all buildings, upgrading restrooms and repainting. "The renovation process shouldn't take more than three or four months," he tells GlobeSt.com. "By spring 2006, we should be ready to start selling."

With the marketing process already launched, Stannard says there is already huge interest in the project. "We have interest both from existing tenants who want to own as well as parties outside the building," he says. The going price for the condos will run from $270 per sf to $290 per sf. Units will range from 3,000 sf to 22,000 sf.