CBRE Brokers $100 Million Sale of 24th At Camelback

24th at Camelback, Phoenix, AZ

PHOENIX, Arizona CBRE has arranged the $100 million sale of 24th at Camelback, a 302,209-square-foot Class A trophy office tower in metro Phoenix’s Camelback Corridor. This high-profile transaction represents the largest office sale in metro Phoenix so far in 2018, both by dollar volume and price per square foot. At the time of sale, the property was 94 percent leased to a prominent tenant roster, that includes Greenberg Traurig, AAA, RSM, Cisco Systems, USI and Regus.

Barry Gabel, Will Mast and Chris Marchildon with CBRE Capital Markets, Institutional Properties in Phoenix represented the seller, an affiliate of Houston based Hines in the transaction. Jim Fijan, with Fijan Advisors, acted as an advisor to the Seller. New York Life Real Estate Investors acquired the property. Hines, who developed the property in 2000 and has managed the asset since it was delivered, will continue to manage the property under its new ownership.

“This sale is a testament to the strength of the Phoenix market and its position as a prime office investment market,” said CBRE’s Gabel. “There is a long runway for growth here in Phoenix for investors.”

24th at Camelback features sleek, contemporary architecture and has earned a LEED Gold Certification and Energy Star label. Additional features include an eight-story detached parking structure with two levels below grade and six levels above grade, providing an overall 3.7/1,000 parking ratio.

“24th at Camelback presented a unique opportunity for investors to purchase a class A, trophy asset of significant size in one of the Valley’s most highly coveted office submarkets,” said CBRE’s Mast.

Located at the premier intersection within the Camelback Corridor, 24th at Camelback features an exceptional on-site amenity base including Scramble – a Breakfast & Lunch Joint, which just recently opened in Spring 2018. Biltmore Fashion Park, the world-renowned, luxury shopping center located across 24th Street, offers over 60 high-end restaurants and world-class retail options including Arizona’s only Saks Fifth Avenue. Other nearby amenities include the Shops at Town & Country and Camelback Colonnade (offering an additional ±100 walkable restaurant and shopping options), the iconic Arizona Biltmore Resort (featuring 740 luxury rooms and suites, 8 swimming pools, a full-service spa, fitness center and five upscale dining options), the 263-room Camby Hotel (offering luxury accommodations and award-winning dining) and a new 160-room AC Marriott (expected to be delivered in late 2018).

 

 

 




Equus and iStar Complete $53 Million Office Complex in Scottsdale Acquisition

McDowell Mountain Business Park, Scottsdale

Los Angeles and Phoenix, Ariz. –Equus Capital Partners, Ltd. (“Equus”), one of the nation’s leading private equity real estate fund managers and iStar Inc. (“iStar”), announced today the formation of a joint venture to complete the $53,150,000 acquisition of McDowell Mountain Business Park in Scottsdale, AZ.

McDowell Mountain Business Park is a premier Class A office complex comprised of two identical three-story office buildings totaling 255,573± rentable square feet, located at 16425 and 16552 N. Pima Road, Scottsdale, Arizona.  Mesa West Capital has funded $42.6 million in first mortgage debt for the acquisition of the project.  The venture acquired the REO property from RAIT Financial Trust

McDowell Mountain Business Park was built in 2006 and 2007.  The property was 74% leased at acquisition to a diverse group of tenants. This upscale property is situated in a prime central location on the Loop 101 just north of Frank Lloyd Wright Blvd, providing easy access, excellent visibility and exposure.  Each L-shaped building offers expansive common areas with upscale finishes and floor plates that allows for maximum flexibility in layout and design.  In addition to its mountain views, the amenity-rich office complex is just minutes from a variety of nearby resorts, hotels and golf courses. A wide range of restaurants and retail stores are also nearby, and the buildings are only three miles from the Scottsdale Municipal Airport.

“We are pleased to expand our relationship with iStar and look forward to implementing our business plan on another well-located and high-quality project,” said Jonathan Praw, who oversaw the transaction. Praw, a Senior Vice President and Head of West Coast Operations for Equus, is based in the firm’s Los Angeles office.

This is the second joint venture for Equus and iStar in the Scottsdale market. The venture also owns Raintree Corporate Center, which is currently 95% leased, up from 51% at the time of acquisition in September 2015.  Raintree Corporate Center is a mile south of McDowell Mountain Business Park.

“We are excited to partner once again with a highly respected group like Equus. This opportunistic acquisition positions us to capitalize on the success we’ve had with our existing Raintree asset, with an attractive investment alongside a best-in-class owner,” said David Sotolov, Executive Vice President and Head of West Coast Investments, who oversaw the transaction for iStar.

“Equus and iStar are strong sponsors with a demonstrated track-record in the Scottsdale submarket,” added Jason Bressler Mesa West Vice President who originated the financing.
iStar has invested in Class A office, retail, industrial and residential projects in the greater Phoenix market for more than two decades.  This joint venture was made on behalf of Equus Investment Partnership X, L.P., a discretionary fund managed by Equus. Affiliates of Equus also own Scottsdale Gateway I, a 106,931-square-foot office building, and 92 Mountain View, a 116,200-square-foot office building, in the Scottsdale area.

Bryan Taute, Jim Fijan and Will Mast with CBRE’s Phoenix office headed the negotiations on the transaction between Buyer and Seller. Bryan Taute has also been appointed to spearhead leasing and marketing activities for the property.  Mesa West Capital’s five-year floating rate interest only loan was arranged by Rocco Mandala with CBRE in the firm’s Phoenix office.

 




Camelback Corridor Office Building Sells for $42.6 Million

5090 North 40th Street, Phoenix, AZ
5090 North 40th Street, Phoenix, AZ

Phoenix, Arizona – CBRE has completed the sale of a 175,835-square-feet, class A office building in the Camelback Corridor area of Phoenix. Located at 5090 N. 40th Street, the building commanded a sale price of $42.6 million, or approximately $242 per square foot.

Jim Fijan and Will Mast with CBRE’s Phoenix office negotiated the transaction. The seller was a joint venture between Lowe Enterprises and J.P Morgan Asset Management of Los Angeles, Calif. The buyer was Vancouver, BC, Canada-based City Office REIT, Inc.

The seller originally purchased the property as part of a portfolio in December 2013. At the time, the property was approximately 50 percent leased. Over the past 3 years, the seller instituted a capital improvement plan, investing millions into the building, as well as an aggressive marketing and leasing program, bringing the property to just over 90 percent leased at time of sale.

“The Camelback Corridor has always been one of the strongest employment corridors in the Valley, and 5090’s tenancy reflects that,” said CBRE’s Fijan. “Currently, the property is home to major corporate employers, including Bar-S-Foods, Kudelski Group and Beyond Trust Software, among others.”

Fijan also points to the submarket’s overall health as a positive indicator for the Valley’s office market.

“The Camelback Corridor has enjoyed a resurgence in 2016.  As one of the top performing submarkets in all of metro Phoenix in terms of net absorption, the Corridor’s class A vacancy rate currently sits at 16.3 percent – a huge improvement from the 21.6 percent of a year ago.”

Located in the heart of the Camelback Corridor, 5090 N. 40th is strategically located, offering quick, easy access to Arizona Highway 51 and the Loop 202 Freeway. Sky Harbor International Airport is just 6.7 miles away, and Arizona State University is less than 10 miles away.

CBRE’s Jerry Roberts, Corey Hawley and Pat Boyle have been retained to market and lease the property.

 

 




Lapour/Holualoa Venture Plans $75M Camelback Collective Office/Hotel Project

camelback-collectivePhoenix, AZ  – BREW is reporting that LaPour Partners Inc. in Las Vegas, Nev. (Jeff LaPour, principal) has teamed up with Holualoa Arizona Inc. in Tucson (Mike Kasser, principal) to develop a $75 million office-hotel project at the southeast corner of 28th Street and Camelback Road in the Biltmore area of central Phoenix.

LaPour Partners agreed to acquire the 3.618-acre site, and been working to obtain zoning approval for the mixed-use project. Fast forward one year. Zoning is in place. Holualoa has been secured as a venture partner. And in a cash sale, Camelback Collective Holding LLC (LaPour/Holualoa entity) paid $17.475 million ($110.88 per foot for the land) to purchase the property.

The site, which is now occupied by a group of office buildings, has addresses of 2801-2845 E. Camelback Road. The prime real estate was sold by Daily Double LLC in Phoenix, formed by Turf Paradise horse track owner Jerry Simms.

The deal was brokered through Jim Fijan and Will Mast of CBRE in Phoenix.

The Class A mixed-use project, being called Camelback Collective, is comprised of 120,000 sq. ft. of office space in a four-story building and a 160-room boutique hotel in a five-story structure. Construction on the spec office and the hotel is slated to start by year-end, with completion anticipated second quarter 2018. Contractor has yet to be named. Development cost (land and buildings) estimated at $75 million. Construction financing is now being arranged.

The office component will be creative space with high ceilings. Jerry Roberts and Pat Boyle of CBRE have the leasing assignment. Plans include an upscale, select service hotel, which the venture will develop and own. Sources say the developer has finalized a deal to fly the new AC Hotels By Marriott flag on the hospitality amenity.

The prime Camelback Road site is now occupied by 68,000 sq. ft. of office space in four, single-story buildings that were developed in 1978. The structures will be razed for the redevelopment.

Get more from LaPour at (702) 222-3022. Aroon Chinai is the contact at Holualoa, call him at (310) 566-3061. Talk to Simms at (602) 942-1101. The CBRE agents are at (602) 735-5555.

For full story click here https://brewaz.com/hot-news/lapourholualoa-venture-buys-camelback-road-site-planned-for-office-hotel-project/

 




Four Gateway in Phoenix Sold for $40.4 Million

fourgateway
444 N 44th Street, Phoenix, AZ

PHOENIX, AZ – VanTrust Real Estate, LLC has sold a single-tenant office building, occupied by American retail and health care company CVS Health, for $40.4 million, or approximately $293 per square foot. The building, Four Gateway, is located at 444 N. 44th Street in Phoenix. The buyer is Crown Realty & Development. Jim Fijan and Will Mast of CBRE in Phoenix negotiated the transaction.

VanTrust purchased the 138,240-square-feet building, which is located at 444 N. 44th Street in Phoenix, in April 2015 for just over $22.9 million. At the time the building was occupied by State Farm on a short-term lease while the company waited to consolidate operations at its new regional campus at Marina Heights on Tempe Town Lake. CVS, which signed its lease in April of this year, occupies the entire building. This lease marked an expansion for the heath and retail giant in the Phoenix market. They also have a significant specialty pharmacy operation in Chandler.

“Four Gateway was VanTrust’s first acquisition in the Phoenix market, and the sale to Crown Realty & Development was the culmination of 16 months of challenging work for our team,” said Keith Earnest, executive vice president with VanTrust. “The collaboration between CVS, State Farm and each broker involved in the transaction was amazing.”

“It’s always rewarding to help a client bring their investment strategy full circle,” said CBRE’s Fijan. “Van Trust made substantial improvements to the property in their short time as owner, including a new parking garage. Securing CVS to replace State Farm further solidified the property’s appeal, and ensured significant value for its next buyer.”

Fijan continued, “Having our team sell Van Trust the property last spring, negotiate CVS’s lease in April, and now execute the exit strategy is what we live for in this business.”

 




Largest Multi-Tenant Office Sale since 2007, Biltmore Financial Sells for $163.1 Million

Biltmore Financial Center - photo courtesy of CBRE (click to enlarge)
Biltmore Financial Center – photo courtesy of CBRE      (click to enlarge)

PHOENIX, AZViaWest Group recently purchased the Biltmore Financial Center, three Class A office buildings totaling approximately 635,000-square-feet at the northwest corner of 24th Street and Camelback in Phoenix, for $163.1 million ($257 per square foot).

The transaction is the largest multi-tenant office sale in the Phoenix area since 2007 and third largest sale ever in the metropolitan area, according to CoStar’s records.

ViaWest Group of Phoenix, with partner AllianceBernstein U.S. Real Estate Partners II, L.P. of New York, purchased the Biltmore Financial Center from Invesco Real Estate.

The buyer was self-represented in the transaction. Jim Fijan and Will Mast of CBRE represented the seller.

“The sale is a good barometer for the market overall. The sale process was very competitive. We received north of 150 confidentiality agreements, which is a good indication that Phoenix is back as a favorite for all types of capital looking to invest in real estate,” said CBRE’s Fijan. “Leasing fundamentals are still improving in Phoenix, but we are already seeing near pre-recession sale prices. I think this confirms confidence in the market. The metro Phoenix office market still has quite a bit of runway and as leasing activity continues to improve investors will see significant revenue growth.”

The three buildings comprising Biltmore Financial Center are located on the northwest corner of the most prestigious section of the Camelback Corridor:
       * 4-story Biltmore Financial Center I (2390 E. Camelback Road)
      * 11-story Biltmore Financial Center II (aka Northern Trust Tower, 2398 E. Camelback Road)
      * 6-story Biltmore Financial Center III (2394 E. Camelback Road)

Major tenants include Fennemore Craig, Colliers International and Northern Trust. The institutional-quality buildings are Energy Star rated and LEED certified. The property has premier access, extremely convenient parking and some of the best views in Metro Phoenix. As well, it includes a two-acre park, an onsite gym, and a deli with many additional amenities directly across the street at the Biltmore Fashion Park.

“This property has it all; location, views, access, parking and a premier tenant base,” said Steven Schwarz, a Founding Partner of ViaWest Group. Gary Linhart, also a Founding Partner of ViaWest Group added, “We are very excited with our plan to activate the common areas, modernize the amenities, and utilize our proactive management style to position Biltmore Financial Center to its rightful place as the premier asset on the Camelback Corridor.”

Jerry Roberts, Corey Hawley and Pat Boyle with CBRE are representing ViaWest Group in leasing the property.

ViaWest Group has been one of the most active buyers in the Phoenix area in 2015. In addition to the acquisition of five industrial properties, an office building, and a land parcel so far this year, ViaWest Group recently completed a major renovation of Nexus, a 120,000-square-foot office property at the ASU Research Park.

The Biltmore Financial Center acquisition is ViaWest Group’s largest purchase to date. ViaWest Group plans to move its office from 40th Street and Camelback to the Biltmore Financial Center this fall and serve as the property manager and asset manager.

According to CBRE Research, which conducts an annual Investor Intentions Survey, current investment trends point to supply and demand issues in core, coastal markets like San Francisco, Los Angeles and Seattle. This makes more inland markets like Phoenix increasingly attractive.

Fijan continued, “There was a 17 percent rise in real estate investment volume across the U.S. in 2014, which has translated to rising asset prices and a tightening supply, especially in coastal markets. Metropolitan Phoenix is still relatively well priced and there are still plenty of opportunities.”

 

 




Thistle Landing Office Park Sells for $16.75 Million

Thistle Landing Office Park (courtesy photo)
Thistle Landing Office Park (courtesy photo)

Phoenix – CBRE has completed the sale of a 101,006-square-foot office building located at 4809 E. Thistle Landing in Phoenix. The property commanded a sale price of $16.75 million.

Jim Fijan and Will Mast with CBRE’s Phoenix office negotiated the sale. The buyer was Menlo Equities. The seller was a joint venture between Everest Holdings and Walton Street Capital.

“Thistle Landing is a smart investment for Menlo providing them ownership in a quality office building in a well-established corporate environment,” said CBRE’s Fijan. “The long-term, triple-net nature of the tenants’ leases yields a very stable return on investment going forward.”

According to CBRE Research, the metropolitan Phoenix office market has already seen more than $750 million in investment property sales through April of this year and real estate experts expect that level of activity only to increase.

“We’ve already seen significant sale activity this year and many of those sales have been characterized by triple-net lease tenancy,” continued Fijan. “Triple-net leased office properties are a very highly sought after asset class by investors, especially if they are heavily parked in high employment areas of the Valley.”

The property at 4809 E. Thistle Landing is part of the four-building Thistle Landing Office Park. The building is fully leased to two tenants – United Healthcare and Box Office Executive Suites – with long-term, triple-net leases.

A major employment hub in the South Tempe / Ahwatukee office submarket, Thistle Landing houses more than 500 United Healthcare employees. Built in 1999, Thistle Landing benefits from access to numerous amenities, including executive housing and the high-end retail of the Ahwatukee Foothills. The property is also located near several well-known restaurants, hotels and resorts.

To learn more Fijan can be reached at 602.735.5583 and Mast is at 602.735.5206.




Crow Holdings Buys Esplanade III Office Tower for $74.3M

Esplanade
Esplanade III, 2415 E Camelback Rd, Phoenix, AZ

Phoenix – CBRE has negotiated the sale of Esplanade III, a 218,266-square-foot office building located at 2415 East Camelback Road in Phoenix for $74.3 million ($340.41 PSF).

Jim Fijan and Will Mast with CBRE’s Phoenix office negotiated the sale, along with Kevin Shannon of CBRE’s South Bay, California office. The seller was an institutional client of AEW Capital Management, L.P in Boston, MA (Matt Tracy). The buyer was Dallas-based Crow Holdings (Carlos Rainwater).

“This is the highest price per square foot for a multi-tenant, class A asset since the downturn,” said CBRE’s Fijan. “Office fundamentals are improving and pricing is approaching pre-recession levels. Investors are taking notice and have shifted their attention to Phoenix, especially as pricing in coastal markets skyrockets.”

As part of the Esplanade mixed use development, Esplanade III benefits from the wealth of on-site amenities shared by the complex. MetLife, owner of the other four office buildings in the development, recently announced a refresh of the retail amenities such as new restaurants and a new common area business center.

Developed in 1997, Esplanade III is a ten-story, class A, multi-tenant office building located in the heart of the Camelback Corridor on just over an acre. Ninety-five percent leased at time of sale, tenants include CBRE, Alliance Residential, Regus, Helios and Major League Baseball’s western headquarters, among others.

Fijan and Mast are at (602) 735-5555.

 

 




Kierland II in Phoenix Sells for $49.15 Million

Kierland II, Scottsdale, AZ
Kierland II, Scottsdale, AZ

Phoenix, AZ – CBRE has negotiated the sale of Kierland II located at 16260 N 71st Street in Scottsdale, Arizona. The 237,875-square-foot office building commanded a sale price of $49.15 million ($206.62 PSF). The property was approximately 80% leased at time of sale.

Jim Fijan and Will Mast with CBRE’s Phoenix office negotiated the transaction. The seller was The Prudential Insurance Company of America. The buyer was Irvine, Calif.-based LBA Realty, a full service real estate investment and management company.

“The sale of Kierland II is a great way to kick off 2015 and this sets the tone for what should be a good year for the office investment market,” said CBRE’s Fijan. “We expect the office market to be very active throughout 2015. The past few quarters have seen steady market improvement and buyers and sellers alike are looking to capitalize on the improved fundamentals the Phoenix office market is demonstrating.”

Developed in 2001, the four-story, class A, multi-tenant office building is currently home to Prudential, Brookfield Relocation Services and 41st Parameter. Located in the heart of North Scottsdale, the property benefits from proximity to world class retail amenities, restaurants and resorts as well as direct access to the Loop 101 Freeway via Scottsdale Road. Tenant’s amenities include ample covered parking as well as a new on-site full service restaurant.

 




$51 Million Sale of Two Premier Class A Metro Phoenix Office Buildings

7272 E. Indian School Road, Scottsdale
7272 E. Indian School Road, Scottsdale

Phoenix, Ariz. – CBRE has negotiated the sale of two premier class A metro Phoenix office buildings for a total consideration of $51 million. The sale included the 175,186-square-foot building at 5090 N. 40th St. in Phoenix and the 152,081-square-foot Scottsdale Financial Center III located at 7272 E. Indian School Road in Scottsdale, for a combined 327,267 square foot investment. The buildings commanded sale prices of $26.35 million ($150 PSF) and $24.65 million ($162 PSF), respectively.

Jim Fijan and Will Mast with CBRE’s Phoenix office brokered the transaction between Newport, Calif. based CJK Investments, who sold the building to a joint venture between Lowe Enterprises in Los Angeles and J.P. Morgan Asset Management.

“This sale demonstrates the continuation of strong demand from institutional buyers seeking high-quality, value-add office properties in the Metropolitan Phoenix office market,” said CBRE’s Fijan.

5090 N 40th Street, Phoenix
5090 N 40th Street, Phoenix

Built in 1988, 5090 N. 40th St. sits in the heart of the Camelback Corridor, considered the premier business corridor in metro Phoenix. The building has great access to numerous retail and dining amenities including the Biltmore Fashion Park, North Italia, La Grande Orange, and Chelsea’s Kitchen. Phoenix’s Camelback Corridor includes numerous low- to mid-rise class A office buildings, retail centers and several world class hotels. 54 percent leased at time of sale, 5090’s major tenants include Bar-S Foods; Hatton Consulting, a federally registered full service asset management company; and Newland Communities, the largest private developer of planned residential and urban mixed-use communities in the United States, among others.

Also built in 1988 and most recently renovated in 2012, the brick-clad, five-story Scottsdale Financial Center III is located in downtown Scottsdale with proximity to luxury hotels, high-end shopping and first-class dining, executive housing and many other cultural and recreational attractions. Scottsdale Financial Center III was 90 percent leased at time of sale. Tenants include Regus, The Colony Group, Nestle Purina Petcare Company, Aderant, Cornerstone Advisorrs and Career Builder, among others.

Fijan should be reached at (602) 735-5583 while Mast can be contacted at (602) 735-5206.

 

 




Scottsdale’s Galleria Corporate Centre Sells for $68.6 Million

Scottsdale Galleria Corporate Centre (photo courtesy of CBRE)
Scottsdale Galleria Corporate Centre (photo courtesy of CBRE)

Galleria Corporate Centre, a Class-A, mixed-use office and retail project, located at 4301 and 4343 N. Scottsdale Rd. in Scottsdale sold for $68.6 million ($128 PSF) for the 537,110 square-foot complex.

Jim Fijan and Will Mast with CBRE’s Phoenix office represented J.E.M.B. Realty Corporation, a New York City-based company (Joseph Jerome, CEO) who sold the building to a joint venture between Stockdale Capital Partners (Steven Yari, managing partner) and funds managed by Oaktree Capital Management, L.P.(Howard Marks, president), both of Los Angeles, CA.

“Scottsdale Galleria has evolved into one of the most prominent mixed-use developments in the entire Phoenix-metro marketplace. The property fosters a unique atmosphere that you can feel as soon as you walk in the door, which stems from a dynamic, tech-centered tenant rent roll and the energy of an urban, downtown Scottsdale location,” said Fijan. “It’s always exciting working on projects of this caliber, but even more so when the parties involved are as innovative and future-centered as the project in which they are investing. The team effort from Stockdale Capital Partners and Oaktree Capital Management was really heartening to see and they were great to work with. Scottsdale Galleria is in good hands.”

“Given our history and presence in Scottsdale for over 20 years we are excited about further investing into the community at such a compelling time in the market. Our partnership with Oaktree makes us equally excited and we look forward to making this investment opportunity a success for everyone involved,” said Steven Yari, Managing Partner of Stockdale Capital Partners.

Galleria Corporate Centre was almost 90% leased at time of sale and is home to large national tenants like McKesson Corporation, Yelp, SAP, Sagicor, Scottsdale Culinary Institute and CA Technologies. Galleria’s strong leasing history is the result of its strategic location just south of the intersection of Camelback Road and Scottsdale Road, the most high-profile intersection in Scottsdale. The property is known throughout the Valley as a premier technology hub in Scottsdale reflecting the vibrancy and global direction of cutting edge technologies.

Built in 1991, Galleria Corporate Centre was originally developed and operated as a regional retail mall. The property was purchased by JEMB for $29.5 million and renovated in 2001 when it was converted into two separate designated buildings. 4301 N. Scottsdale is reserved for both office and retail use, while 4343 N. Scottsdale is reserved for office-only use. The property is also equipped with an adjacent ten-story parking garage and two levels of underground parking below 4343 N. Scottsdale.

Fijan and Mast at CBRE can be reached at (602) 735-5555. Jerome with JEMB should be contacted at (212) 699-4444. Yari at Stockdale Capital is at (310) 475-5819, to contact for more information.




Elliot Corporate Center Tempe Sells for $23.5 Million

Elliot Corporate Center - Photo courtesy of CBRE
Elliot Corporate Center – Photo courtesy of CBRE

The Elliot Corporate Center sold for $23.5 million to a joint venture between Everest Holdings in Scottsdale, Ariz. and Walton Street Capital in Chicago, Ill. The 223,392-square-foot office building located at 875 W. Elliot Road in Tempe, AZ sold for $105.20 per square-foot.

Built in 1998, Elliot Corporate Center benefits from immediate access to I-10 at Elliot Road as well as access to a densely-populated, large and well educated workforce in south Tempe and the extended southeast Valley.

Anchored by The Apollo Group’s (NASDAQ: APOL), The University of Phoenix, which occupies 162,069-square-feet, the two-story Elliot Corporate Center was 87% occupied at time of sale. The project also houses Lamson Business College in 32,400 square feet. The remaining vacant space totals 29,923 square feet and is available for lease by CRE.

Jim Fijan and Will Mast with CBRE’s Phoenix office represented the seller, tenants-in-common owners through Costa Mesa, California-based Thompson National Properties, LLC.

“This transaction is another example of the continued demand for office investment properties in the southeast Valley,” said Fijan. “Savvy investors recognize the continued strengthening of the market and well-located, well-taken-care of assets, like Elliot Corporate Center, are going to be well received.”

Fijan and Mast can be reached for more information at (602) 735-5206.