MESA, AZ-When Denver-based Industrial Income Trust closed on the transaction that brought it the 808,419-square-foot Broadway 101 Commerce Park for $77 million, it outlasted an extremely active marketing and escrow period. According to Cassidy Turley's Bob Buckley, who was part of the team representing seller Lincoln Property Co., the seller received 150 queries during the marketing period and 21 bonafide bids on the industrial asset.

And once the asset at 2140-2360 E. Broadway Rd. made it to the final best-and-final phase (there were three such phases for this property), "we had four groups competing head-to-head," Buckley tells GlobeSt.com. IIT ultimately ended up with the property because of its track record, history of performance and the fact it offered all cash.

Buckley isn't surprised at the frenzy the asset generated – for one thing, he points out, it was a high-quality asset offered at an attractive price point. Furthermore, Cassidy Turley embarked on a national campaign to get the industrial property moving. Buckley worked with Phoenix colleagues Steve Lindley, Tracy Cartledge, Mike Haenel and Andy Markham as well as Tom Powers, who operates out of the company's Cincinnati office. "What we wanted to do was make sure we had the maximum exposure for the project," Buckley comments. "We teamed up with our Cincinnati office, which handles the east coast." This brought new players into Phoenix, he adds.