PHOENIX-Business Real Estate Weekly of Arizona reports that Canadian investor Ayaz Velji has paid a combined $28.9 million to acquire two office buildings, one locally and one in nearby Chandler, AZ. In his first foray into the region, the British Columbian investor acquired a total of 177,745 square feet.
In Phoenix, Velji, operating under the entity name Redstone Baseline LLC, paid Omninet Mountain LP close to $14 million for Raven Corporate Center, an 86,835-square-foot office building at 3540 E. Baseline Rd. The building is 94% leased. Chris Toci, Chad Chad Littell and Kevin Lange of Cushman & Wakefield of Arizona Inc. brokered the transaction, and Lange has the leasing assignment.
Meanwhile, in Chandler, the buyer, using the name Redstone Chandler II LLC, handed $15 million to Picerne Group for Airport Center II at 1750 E. Northrop Blvd. The office building is 91% leased. CBRE’s Jim Fijan and Will Mast negotiated the transaction and CBRE has the leasing assignment. The building was developed in 2008 by Opus West Corp.