"It was a very significant step for us to have a second property in Phoenix," John Greenman, vice president of acquisitions for AmeriVest tells GlobeSt.com. "It's good quality real estate."
The 97%-occupied building is located in northwest Phoenix in the Grove at Black Canyon business park. In October 2001, AmeriVest bought the 96,076-sf Arrowhead Fountains Center, a fully leased building at 16150 N. Arrowhead Fountains Center in the suburb of Peoria. Greenman said the Denver-based firm, which invests in buildings that house small to medium-size tenants, plans to continue acquiring properties in the Phoenix market.
The firm's latest purchase houses 12 tenants, the largest of which, Southwest Gas Corp. occupies more than 60,000 sf in a lease that's good until 2009. Greenman said the property appealed to the investment group because of its key location in the Metrocenter submarket. "We knew the location very well," he said, noting that the firm had once owned the Cigna HealthCare Building in the same office park. "We liked the submarket and we liked the tenants."
The seller, LAFP Inc. a pension fund affiliated with the Los Angeles Police and Fire departments, was represented in the transaction by Stan Shafer with Grubb and Ellis Co.'s Phoenix office. AmeriVest represented itself in the deal.
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