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Wednesday, May 23, 2012 Office
Hidden Willows, LP has purchased the Intuit office building in Tucson, Ariz., for $21.6 million from Grubb & Ellis Realty Investors, LLC. Thomas Nieman of PICOR Commercial Real Estate Services, along with Ryan Gallagher of Grubb & Ellis, represented Grubb & Ellis while the buyer was represented by Woods Loeb & Company. The office building contains 135,760 square feet and is situated on 15 acres at 2800 East Commerce Court. Built in 1999, it is currently fully leased to Intuit, a financial software and Web-based services company that develops software programs such as Quicken, TurboTax and QuickBooks. Nieman is a principal of commercial properties with PICOR. He has been a commercial real estate broker since 1977 and is a former employee of Del E. Webb Corporation. He joined Grubb & Ellis in 1983 and PICOR in 1995. He now focuses on office, medical and investment markets. Gallagher is a senior VP in Grubb & Ellis' Newport Beach, Calif., office. He specializes in the acquisition and disposition of investment-grade commercial assets. He has been with the company since 2003 and is a former employee of RREEF. Gallagher recently brokered the sale of Brookhollow Park, a four-story office building in San Antonio, Texas. Address: 2800 E. Commerce Court, Tucson, Ariz. Size: 135,760 square feet Built: 1999 ################################ SANTA ANA, Calif., Feb. 28 /PRNewswire-FirstCall/ -- Grubb & Ellis Realty Investors, LLC today announced the disposition of 2800 East Commerce on behalf of tenant-in-common investors. The disposition closed on February 7, 2008. This is the 51st securitized 1031 TIC exchange program taken full-cycle by Grubb & Ellis Realty Investors, an unrivaled industry record. "Since acquiring 2800 East Commerce, Grubb & Ellis Realty Investors has 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," explained Jeff Hanson, president and chief investment officer of Grubb & Ellis Realty Investors. "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." The 2800 East Commerce property is an approximately 136,000-square-foot office building in Tucson, Arizona and is 100 percent leased to Intuit. Inc. Built in 1999 on 15 acres, the architecturally distinctive property offers excellent curb appeal and contains an onsite fitness center, a full-service cafeteria with an outdoor patio, and onsite educational and recreational accommodations. The property includes a surface lot with 1,100 parking spaces for a parking ratio of 8.15 spaces per 1,000 square feet. The 2800 East Commerce property, originally purchased in November 2004, was sold to Hidden Willows, L.P. Ryan Gallagher of Grubb & Ellis Company and Thomas J. Nieman of PICOR Commercial Real Estate Services were the brokers in the transaction. Filed Under: Office E-mail this article to a friend | Printer friendly format| DIGG this| Post to del.icio.us Comments on this article
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