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Intuit's Class A Office Collects Nearly $22M

TUCSON-With new 10-year lease in hand and value realized, Grubb & Ellis sells a 135,760-sf building to a San Jose, CA-based group making its first out-of-state buy.

By John McCloud | Updated on February 29, 2008

TUCSON-Grubb & Ellis Realty Investors LLC has sold a 135,760-sf, class A office building for $21.6 million to a San Jose, CA-based company making its first out-of-state acquisition. The deal closed with a new 10-year lease by the building’s sole occupant, software maker Intuit Inc.

The Santa Ana, CA-based subsidiary of Grubb & Ellis Co. acquired the property at 2800 E. Commerce Center Place on behalf of tenant-in-common investors in November 2004. The sale represents the 51st securitized 1031 TIC exchange property taken full-cycle.

“Since acquiring 2800 East Commerce, [we have] successfully realized investor returns in-line with our business plan and added significant value with the recent execution of a 10-year lease renewal with Intuit, the building’s sole tenant,” Jeff Hanson, Grubb & Ellis’ president and chief investment officer, says about the decision to sell. “As a result of this added value, our TIC investors agreed that now was the time to sell this asset and lock in a solid return.”

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