PHOENIX-Business Real Estate Weekly of Arizona reports that local company Orsett Properties Ltd. has paid $12.1 million to acquire the 273,349-square-foot Sky Harbor Towers. The seller was WBCMT 2006-C23 Elwood Office LLC, a CMBS and the special servicer for the seller was LNR Partners LLC of Miami Beach.
The vacant property, consisting of three office buildings at 4605, 4615 and 4635 E. Elwood St. was once home to University of Phoenix until 2011, when the company relocated. BREW reports that, in January 2006, Muller Co. in Laguna Hills, CA paid $50.2 million to buy the towers (which, at the time, were known as Hohokam Towers) and lost the asset to foreclosure. The property was developed between 1986 and 1999.
Charles Miscio and Danny Plapp of Colliers International in Phoenix represented the seller. Mike Beall, Jeff Wentworth, Chris Walker and Sean Spellman of Cassidy Turley are handling leasing.
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