Arizona

PHOENIX, CHANDLER, TEMPE AND SCOTTSDALE, ARIZ. — City Office REIT has completed the disposition of six office buildings totaling 1.2 million square feet in the Phoenix area to Southwest Value Partners for $266 million. Ben Geelan, Will Mast and Charlie von Arenstschildt of JLL Capital Markets represented the seller. Sher Hafeez, Michael Leggett, Dan Freeze and Josh Lieberman of JLL provided advisory services. The portfolio includes:– Block 23, a 307,000-square-foot property at 101 E. Washington St. in downtown Phoenix;– 5090 N. 40th Street, a 173,000-square-foot asset at 5090 N. 40th St. in Phoenix’s Camelback corridor;– SanTan, a 267,000-square-foot asset in Chandler;– Papago Tech, a 163,000-square-foot property at 1600-1700 N. Desert Drive in Tempe;– The Quad, a 163,000-square-foot building at 6200-6390 E. Thomas Road in Scottsdale;– Camelback Square, a 174,000-square-foot building at 6991 E. Camelback Road in Scottsdale.

PHOENIX — Voit Real Estate Services has arranged the purchase of 4645 E. Cotton Center Boulevard, a multi-tenant office property in Phoenix. PRH XXXXV LLC, a private investor, acquired the asset for $10 million, or $86 per square foot, from an undisclosed seller. Situated within Cotton Corporate Center, the 116,858-square-foot property underwent $9.4 million in renovations and capital improvements over the past decade. Mike Bench of Voit represented the buyer, while Chris Toci, Eric Wichterman and Mike Coover of Cushman & Wakefield represented the seller in the deal.

TEMPE, ARIZ. — Transwestern Real Estate Services has arranged the sale of two office buildings located at 8530-8550 S. Priest Drive in Tempe. Widewaters acquired the asset from Target Corp. for $20.5 million. Built in 2003 and renovated in 2019, the asset features two two-story, 94,480-square-foot buildings and a two-level parking garage. The 25-acre lot offers direct access to Interstate 10 and Loop 202. Paul Borgesen, Dylan Sproul and Royden Hudnall of Transwestern represented the buyer, while Bill Bayless of CBRE represented the seller in the deal. William Zurek and Jim Achen Jr. of Transwestern joined the acquisition team to market the property for either sale or lease.

TEMPE, ARIZ. — Cushman & Wakefield has directed the sale of a flex office building situated on ground leased land within the Arizona State University Research Park in Tempe. LNR Partners sold the property to David McHenry for $7.3 million. Situated on 9.6 acres at 8700 S. Price Road, the two-story building offers 132,070 square feet of office space that is fully available for new tenancy. Eric Wichterman, Chris Toci and Mike Coover of Cushman & Wakefield represented the seller. Charles Miscio and Luke Waller of CBRE assisted in the transaction.