W. P. Carey Inc., the New York-based net-lease REIT, announced this week that it had purchased 2700 Frye Road in Chandler, Arizona for approximately $43 million. The Class A office building was sold by Regent Properties of Los Angeles; terms of the deal were not disclosed. Neil Glassmoyer, senior vice president; Tivon Moffitt, vice president; and Peter Bauman, senior associate; all of Colliers International in Greater Phoenix, served as brokers for the buyer and seller.
"This acquisition represented an opportunity to secure a well-located new Class-A office facility leased to a credit tenant on a site that also offers the possibility for additional development," said W. P. Carey Managing Director and Co-Head of Global Investments, Gino Sabatini. "Located in the Price Road Corridor, one of the most desirable areas of the Phoenix submarket, the investment provides attractive current cash flow."
Regent Properties completed the building’s construction after purchasing the property in 2011 and then fully leased the building shortly thereafter. QBE FIRST, part of QBE Insurance Group Limited, signed an 11-year lease at the property in 2012 providing them with a significant QBE FIRST call center operating as its West Coast regional headquarters.
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