Sumitomo Corp. Buys Collier Center in Phoenix

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.