A joint venture between Scottsdale-based Everest Holdings and Chicago-based Walton Street Capital purchased Elliot Corporate Center in Tempe, Arizona for $23.5 million, or $105.20 per foot. The 223,392-square foot office project was sold by ARI - ECC LLC and 28 related companies formed by tenant in common investors headed by the defunct Argus Realty Investors of San Juan Capistrano, California. In November 2004, Business Real Estate Weekly reported the group of tenant in common companies headed by Argus Realty Investors companies paying $32.9 million to acquire the building.
"This transaction is another example of the continued demand for office investment properties in the southeast Valley," Jim Fijan, a broker with CBRE who helped represent the sellers, said in the statement. "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."
Elliot Corporate Center at 875 E. Elliot Road was built in 1998 in was reportedly 87% leased at the time of sale by two tenants: the University of Phoenix and the Lamson Business College. The Tempe investment is the third for the Walton-Everest venture in the Phoenix area. According to the Business Real Estate Weekly of Arizona, the pair’s first joint venture acquisition took place a year ago with the $6.7 million purchase of a 101,006-square-foot office building within the Thistle Landing business park near 48th Street and Ray Road in Phoenix.
For more news and information visit Blumberg Capital Partners.
No comments:
Post a Comment