PHOENIX-Business Real Estate Weekly of Arizona reports that DPC Development Co. (Greenwood, CO) has joined forces with Murray, UT-based Bridge Investment Group Partners to acquire the 259,745-square-foot Biltmore Commerce Center. The partners paid $42.7 million to Muller-Tower Biltmore LLC for the 74% leased office building.
The seller, a joint venture between Muller Co. of Laguna Hills, CA and BlackRock Realty Advisors Inc. in Newport Beach, CA, has acquired the asset at 3200 E. Camelback Rd. in late 2005 for $58.8 million. At the time, GlobeSt.com reported that the partnership planned to keep the asset long-term, and it was 100% occupied.
In th recent transaction, Chris Toci, Chad Littell and Jerry Jacobs of Cushman & Wakefield of Arizona Inc. handled negotiations. BREW suggests that DPC Development and Bridge Investment are active investors in the metro region.
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