Sumitomo Corp. of Americas has acquired Collier Center, a 24-story, 578,000-square-foot office building. The property is 84% occupied with Bank of America and Uber as its largest tenants.

The investor was attracted to Phoenix because of its recent growth, including low unemployment and population growth. The property is within short walking distance of Phoenix's light rail trains and bus lines, and just minutes from the downtown area's major highways.

With this new acquisition, Sumitomo Corp. of Americas owns a commercial real estate portfolio totaling over $425 million to date with over 1.6 million square feet of commercial space.

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Kelsi Maree Borland

Kelsi Maree Borland is a freelance journalist and magazine writer based in Los Angeles, California. For more than 5 years, she has extensively reported on the commercial real estate industry, covering major deals across all commercial asset classes, investment strategy and capital markets trends, market commentary, economic trends and new technologies disrupting and revolutionizing the industry. Her work appears daily on GlobeSt.com and regularly in Real Estate Forum Magazine. As a magazine writer, she covers lifestyle and travel trends. Her work has appeared in Angeleno, Los Angeles Magazine, Travel and Leisure and more.