TEMPE, AZ-With the ink barely dry on two leases, SunCor Development Co. has passed the 300,000-SF Tower II at Hayden Ferry Lakeside to Sumitomo Corp. of America for $92.5 million. The buyer has used proceeds from the March sale of Phelps Dodge Tower to make the close.

Randy Levin, vice president of commercial and urban development and design for the Tempe-based seller, says SunCor’s MO is to sell its developments when they are 80% to 90% occupied. “We typically like to leave the buyer with a little upside in which they can have some lease-up of their own where they can add some value,” Levin adds.

Tower II at 60 E. Rio Salado Pkwy. had reached the 90% milestone with the combined takedown of 44,649 sf by Fidelity National Title Insurance Co. and MetLife Inc. Levin says Tower II’s tenant list impressed the New York City-based Sumitomo and other potential buyers.

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