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9/04/08
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A 73.3k sf office/ R&D building in Gilbert, AZ was purchased by Koll/PER for $10.15 mil ($138/sf). The single-story building is on a 5.2-acre site at 1405 N. Fiesta Blvd, within the Fiesta Tech Center, a master-planned industrial/office park in Gilbert, a suburb located about 22 miles southeast of Phoenix.
Although the concrete, tilt-up building was designed to accommodate three separate tenants, it is entirely leased by General Dynamics Advanced Information Systems, which designs, develops and manufactures mission systems for defense, space, intelligence and homeland security customers. It features a 90% office build-out and includes 312 parking stalls in a 4.25:1,000 parking ratio.
The seller was Phoenix-based Hewson Development, which developed the property in 1998 in partnership with Guardian Life Insurance Company. Hewson was represented in the transaction by Joe Porter, Pat Feeney and Danny Calihan of CB Richard Ellis while Koll/PER represented itself.
Acquisitions Manager Bill Larkin of The Koll Company, out of Newport Beach, said his firm plans to manage the property through its in-house property management division. “The acquisition of this property is consistent with The Koll Company’s strategy to acquire prime office and light industrial properties in key markets in the western United States,” Larkin said. “In addition to being located in a prominent business park in a growing Phoenix submarket, the building is currently 100% leased for several years and is well designed for either corporate office or R&D use by a single tenant or multiple tenants in the future.”
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