Newport Beach, California-based Buchanan Street Partners announced this week that it had purchased a 446,000-square-foot portfolio from Carlson Real Estate Company for $52.6 million, or $118 per square-foot. Buchannan purchased the 10-building portfolio in four separate sale transactions which were represented by Eastdil Secured.
Carlson, which is affiliated with the family-owned Carlson Cos., announced in early 2012 it was planning to shed some of its 5.5 million square feet of commercial real estate holdings as part of a plan to move Carlson family wealth to new generations. The properties in this portfolio were 74% leased at the time of sale, and includes a mix of office, industrial, office flex and retail properties, eight of which are located in the Cotton Center, one of the most desirable master-planned business parks in Phoenix.
"Cotton Center provides tenants with abundant amenities, a central location and high-quality buildings," said Brian Payne, vice president at Buchanan Street Partners. "This is another example of Buchanan Streets' ability to identify investment opportunities and close in a timely fashion."
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