PHOENIX-Griffin Capital Corp.’s Griffin Capital Essential Asset REIT has bought again in the Phoenix area, closing on the two-building, 232,648-square-foot Cigna Corporate Campus at Noterra. The Southern California buyer struck a $54.5million deal with the developer, USAA Real Estate Co. of San Antonio.
According to Business Real Estate of Arizona, the back-office structures at 25500 and 25600 N. Noterra Pkwy. traded in an all-cash transaction. The facilities in a large business park being developed by USAA and are fully leased for 10 years do CIGNA Medical Group. The sale was brokered by Chris Toci, Chad Littell and Tim Whittemore of Cushman & Wakefield of Arizona Inc. in Phoenix and Mike Beall of Cassidy Turley in Phoenix. Robert Elms and Ben Cooper with Cushman & Wakefield’s New York office represented the seller.
The transaction follows on the heels of Griffin’s first buy in the area, a single-tenant, 231,400-square-foot building leased to Avnet. Inc. At the time, Griffin Capital’s chief investment officer Michael Escalante indicated the company’s interest in acquiring more assets in the region.