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Granite Capital's $11M Takes 40,026-SF Office

PHOENIX-The buyer deploys 1031 exchange funds and assumes the nine-year balance on a loan to win the fully leased V3 Corporate Center from Meridian West.

By Amy Wolff Sorter | Updated on September 08, 2008

PHOENIX-The second time was the charm for the 40,026-sf V3 Corporate Center, which has been acquired by Granite Capital Investments Inc. of Dublin, CA. The fully leased, class A office building has brought $10.5 million for its developer, Meridian West Development.

Grubb & Ellis/BRE Commercial LLC senior vice president Eric Wichterman says the office building at 1048 N. 44th St., built in 2006, was initially introduced to the sales market in summer 2007. “The seller took it off after several months because other things were selling and they didn’t need the capital at the time,” he explains.

Wichterman, who represented the seller, says the building attracted three offers when it was reintroduced to the market last spring. He credits Granite’s track record with winning the deal, telling GlobeSt.com that its $60-million acquisition in 2007 of the 190,702-sf Gainey Ranch Financial Center at 7373 E. Doubletree Ranch Rd. provided a high level of comfort to the seller.

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