PHOENIX – Colliers International in Greater Phoenix recently completed the sale of the Class B, 54,072-square-foot Siete II building in Phoenix for $3.2 million ($59 PSF).
Orsett Acquisitions LLC of Phoenix purchased the building, located at 3707 North 7th Street, from UFB Development Corporation of Indianapolis.
Both parties were represented by the Colliers Office Solutions Group: Phil Breidenbach, executive vice president, Peter Nieman, executive vice president, Kathy Foster, senior vice president, and Lindsey Carlson, vice president.
Orsett Acquisitions is one of Arizona’s leading developers and operators of office, industrial and retail real estate projects.
UFB Development Corporation, created in 1934, is the real property division of Indiana Farm Bureau Inc., a comprehensive financial services company with more than 1,200 employees.
Built in 1988, the three-story Siete II is situated on a 2.3-acre lot. The building fronts 7th Street, south of Indian School Road. It is positioned between the Camelback Corridor and downtown Phoenix, and is within two miles to State Route 51 and I-10.
“Orsett plans to update the building, specifically modernizing the structure and suites to respond to new tenants looking for offices in the 7th Street area. The upgrades will make Siete II more competitive in the market,” Breidenbach said. “The terms were right for both UFB and Orsett; it was truly a win-win transaction,” he added.