Canada’s Townline Ventures Enters Phoenix Office Market
The firm acquires a 20-story mid-rise office building in Phoenix, its first office acquisition in the market.
The class-A property was developed in 1982, with all of its major building systems having been modernized, replaced or refurbished recently at an expense exceeding $5.8 million. It is 68% leased and features 323,607 square feet and houses five different federal agencies.
While this is Townline’s first office purchase, the firm has existing land holdings in the market. This purchase is part of its strategy to acquire income-producing assets in the Phoenix market with strong potential for re-positioning.
Mindy Korth negotiated the sale on behalf of Adler Realty Investments of Woodland Hills, CA, assisted by Luke Denmon of Colliers International along with John Bonnell and Brett Abramson of JLL, who had leased the property for Adler during their entire ownership period.