PHOENIX-A Southern California buyer won ownership of a three-building office complex, beating out several other bidders for the asset. The class A office assets, totaling 432,592 sf, sold for $96 million in an all-cash deal.

The closing of Scottsdale-based CMD Realty Investment Fund IV LP led to the disposition of Gateway One, Gateway Two and Gateway Three on 44th St. Bob Young, first vice president with CB Richard Ellis Inc.’s Phoenix office says Transwestern Investment Co. of Los Angeles offered a substantial deposit and a short due diligence, which helped it stand out from other bidders.

Seller representative Young tells that the 25-year-old complexes are the first assets to be sold from Fund IV, and other closings will soon follow. The Fund’s portfolio includes properties in Arizona, Texas and Florida.

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