PHOENIX—New York City-based American RealtyCapital has purchased the Freeport McMoRan Center for $110million. The seller was CPE Office Owner LLC, acompany formed by National Real Estate AdvisorsLLC out of Washington DC. The transaction was the highestprice per foot ever paid for class A office space in Phoenixaccording to published reports.

According to industry records, the 249,000-square-foot officespace comprises the top eight floors of the 26-story office-hotelbuilding on the northeast corner of Central Avenue and Van BurenStreet. The deal was brokered through Jim Fijanand Will Mast of CBRE.

Fijan tells GlobeSt.com, “Freeport-McMoRanCenter is one of the most prominent assets in all of Phoenix. Thelong term nature of the tenant's lease as well as the investmentgrade credit of the tenant makes this a very attractive investment.Phoenix has a tremendous amount of positive momentum right now.Phoenix's office market fundamentals continue to improve,particularly in core locations and that's having a positive effecton the investment market. Transaction volume year-to-date for ClassA and B assets in Phoenix is up 26% compared to 2013; and averageprice per square foot year-over-year for Class A and B assets inPhoenix is up 22%. Moreover, top of the market price per squarefoot year-over-year is up 80%.”

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