Local Real Estate Trust Drawn By Long-Term Corporate Lease
Phoenix, Arizona – The corporate headquarters of Avnet, Inc. has been sold to Cole Office & Industrial REIT (CCIT II), Inc. of Phoenix. The Class A, 176,402-square-foot building at 2211 S. 47th Street in Phoenix has been the technology company’s worldwide headquarters since 1997.
The property commanded a $32 million sale price.
“This signature property provided an opportunity to acquire a global corporate headquarters with a long-term, investment grade tenant,” says Mindy Korth, executive vice president with Colliers International in Greater Phoenix. “The building is located in a highly sought-after area near Sky Harbor International Airport.”
Korth and Kirk Kuller of Colliers International negotiated the sale transaction on behalf of an affiliate of Lexington Realty Trust of New York, NY.
The Avnet Global Headquarters building is situated within the Phoenix Airport Center, an 85-acre corporate business park located at University Drive and State Route 143. Constructed in 1997, the building rests on an 11.33-acre parcel of land and features a solar-array on the building and parking structures that provide approximately one megawatt of power to this facility.
“The seller purchased the property shortly after it was constructed, 19 years ago,” says Korth. “We are very pleased that CCIT II, a Phoenix-based REIT, added the headquarters to ts portfolio once the seller was ready to divest of this mission-critical property.”
Avnet, Inc. was founded in 1921 and posted fiscal year-end 2015 sales of $27.9 Billion. The company is a Fortune 500 firm and one of the largest global distributors of electronic components, computer products and embedded technology.
CCIT II, a publicly registered, non-listed REIT, is sponsored by Cole Capital, the investment management business of VEREIT, Inc.