CHANDLER, ARIZ. AND IRVING, TEXAS — Columbia Property Trust Inc. has sold CVS Health Tower in Irving, a western suburb of Dallas, and SanTan Corporate Center in Chandler, a southern suburb of Phoenix, for $109.5 million.
With the sales, Columbia has exited the Dallas and Phoenix markets and will use the profits for reinvestment in its target markets. The buyers were not disclosed.
CVS Health Tower is a 315,000-square-foot, Class A office building located at 750 W. John Carpenter Freeway. The building is primarily leased to CVS Caremark, an independent pharmacy benefit management provider. IBM also maintains a lease at the property. The 12-story building was completed in 1999 and acquired by Columbia in 2006.
SanTan Corporate Center consists of two office buildings totaling 267,000 square feet, completed in 2000 and 2003. Columbia acquired the buildings in 2006. Both buildings are 100 percent leased. Toyota Financial Services fully occupies SanTan Corporate Center I, while multiple tenants occupy SanTan Corporate Center II.
With these sales, Columbia has completed $660.5 million of dispositions in 2016.
Atlanta-based Columbia Property Trust owns and operates Class A office buildings. The company’s portfolio includes 21 office properties and one hotel.
-Kristin Hiller