CBRE announced that it had completed the sale of Desert Ridge Corporate Center in Phoenix, Arizona for $58.6 million, negotiating the sale between the buyer, Los Angeles-based Regent Properties, and the seller, FCA Partners, LLC of Charlotte, North Carolina. The property previously sold Desert Ridge Corporate Center (DRCC) in 2008 by the Southwestern Division of Ryan Companies US, Inc. in Phoenix for $81.6 million in a deal also brokered by CBRE. The property is located on land encumbered by a State of Arizona ground lease with 78 years remaining.
"Despite the fact the property is not fully stabilized, Desert Ridge Corporate Center attracted significant interest from local, regional and national buyers," said CBRE's Barry Gabel. "This is definitely a testament to the continued recovery of the Phoenix investment market as well as the resiliency of the Paradise Valley submarket, which continues to perform at the top of the metro Phoenix market."
"Desert Ridge fits perfectly within our strategy of buying value-added office properties across the western United States," said Eric Fleiss, President of Regent Properties. "We are committed, experienced investors in the Phoenix market specifically, and believe this high-quality asset is a great addition to our portfolio."
The three building property at 20860, 20830 and 20910 N. Tatum Blvd. consists of two class A office buildings and a multi-tenant specialty retail building. At the time of sale, DRCC was 75% leased with major tenants including GEICO Insurance, Vantage Retirement, Wells Fargo Bank, C.H. Robinson Worldwide, K. Hovnanian Homes, Summit Energy, SimonMed Imaging and Scottrade.
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