(An earlier version of this story reported that the buyer was Cole REIT. The story has been updated on GlobeSt.com.)
PHOENIX-Business Real Estate Weekly of Arizona reports that locally based Cole Corporate Income Trust has paid a total of $56.3 million to acquire 304,637 square feet of office and back office space from LBA Realty. The REIT acquired the properties in three separate transactions from the Irvine, CA buyer.
According to BREW, the metro assets are part of a larger $100 million-plus deal struck between Cole and LBA Realty involving 900,000 square feet of office and industrial buildings in Arizona, California and Colorado.
The local properties sold were:
- The 122,646-square-foot DeVry Building, 2149 W. Dunlap Ave., Phoenix for $23.03 million. Jeff Cole and Ed Hernandez of Cushman & Wakefield in Irvine were the brokers on the transaction. Chris Toci, Chad Littell, Larry Downey, Jerry Jacobs and Mike Sayre with Cushman & Wakefield of Arizona Inc. assisted in the transaction.
- The 99,734-square-foot Cotton Center II, 4121 E. Cotton Center Blvd., Phoenix, for $18.88 million.
- The 82,257-square-foot Rio Salado Corporate Center, 1415 W. 3rd St., Tempe, AZ for $14.42 million.
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