Koll/PER Ponies Up $10M for 73,283-SF R&D Asset

GILBERT, AZ-The Koll Co. and Public Employee Retirement System of Idaho have acquired a 73,283-sf research and development building entirely leased by General Dynamics Advanced Information Systems. The Koll/PER fund has paid $10.15 million to Phoenix-based Hewson Development Corp. and Guardian Life Insurance Co. of America.

The building is one of the last assets in Fiesta Tech Center that Hewson has brought to market. It sits on 5.2 acres at 1405 N. Fiesta Blvd. in the 60-acre corporate park. Joseph H. Porter III with CB Richard Ellis in Phoenix says the building was finished in 2001 and partially leased to Spectrum Astro Inc., which was eventually sold to General Dynamics Corp. of Falls Church, VA.

“This was initially designed to be a multi-tenant facility and General Dynamics eventually took the whole building over,” says Porter, who along with CBRE senior vice presidents Patrick J. Feeney Jr. and Daniel P. Calihan represented the seller. Newport Beach, CA-based Koll’s acquisition manager Bill Larkin handled negotiations for the buy side.