Buchanan Street Partners Purchases Phoenix, Ariz. Portfolio for $52.6 Million
(firmenpresse) - NEWPORT BEACH, CA -- (Marketwired) -- 11/14/13 -- , an active buyer of value-add office and industrial real estate, has purchased a 446,000-square-foot portfolio from Carlson Real Estate Company for $52.6 million, or $118 per square-foot. The 10-building portfolio was acquired in four separate sale transactions and includes a mix of office, industrial, office flex and retail properties. Three of the acquisitions occurred in Cotton Center, one of the most desirable master-planned business parks in Phoenix, Ariz., while the fourth involved an industrial property in Avondale, in the Southwest Valley submarket.
The Buchanan Street acquisition is part of an ongoing investment strategy in the Phoenix area, and brings the firm's portfolio there to more than 1.2 million square feet of commercial space. "This investment underscores our ongoing commitment to invest in Phoenix and select Valley submarkets," said , president of Buchanan Street Partners.
"The improving market fundamentals and the high caliber of tenants in these properties make this an attractive acquisition for us," added Ballard.
The Phoenix metropolitan area added 50,700 jobs in the 12 months ending April 2013 according to Moody's, who expects job growth to remain at this pace annually through 2016. Industrial vacancy rates have declined from a peak of 15.9 percent in 2009 to the current figure of 11.3 percent, while office vacancies have declined by more than 3 percent since 2011.
"Cotton Center provides tenants with abundant amenities, a central location and high-quality buildings," said , vice president at Buchanan Street Partners. "This is another example of Buchanan Streets' ability to identify investment opportunities and close in a timely fashion."
The sale of the portfolio, which was 74 percent leased at the time of the sale, was represented by Eastdil Secured.
Buchanan Street Partners is an institutional real estate investment management firm based in Newport Beach, Calif. that invests in value-add real estate assets through both equity and debt investment strategies.
Kira Sarkisian | Randy Hall
714-263-8729 | 714-263-8723
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Datum: 14.11.2013 - 09:58 Uhr
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News-ID 1283432
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