TRIPLE NET PROPERTIES ACQUIRES TOWNLEY BUSINESS PARK

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PHOENIX — Triple Net Properties LLC, on behalf of tenants-in-common, has purchased Townley Business Park, a nearly 176,000-square-foot business park located near the intersection of 23rd Avenue and Dunlap Road in Phoenix, for an undisclosed price. The garden-style park features three buildings and a 1.34-arce undeveloped parcel of land. The property is currently 80 percent leased to a variety of national and regional companies specializing in industries such as insurance, healthcare and real estate. The company purchased the park from ICP Real Estate, which was represented by Amr Ceran. Joseph Byers of Commercial Realty Capital arranged the financing, which was provided by PNC Bank.

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