"Trammell already had the leasing job on the portfolio. They've done a good job leasing it up so it was an obvious choice to give them the property management duties," says Charles Knight, CEO for the Denver-based REIT. He adds there is no term for the management contract. "As long as they're doing a good job, we'll continue using them," he tells GlobeSt.com.
Trammell Crow Co. also handles leasing and management for the REIT's Denver properties so this was a natural extension, Knight continues. "We manage our own properties in Dallas," he adds. "At this moment, we're not considering turning those over." Likewise, the REIT had been managing the Greater Phoenix package.
The five-building portfolio includes the 96,092-sf Arrowhead Fountains Office Buildings at 16150 N. Arrowhead Fountains Center Dr. in Peoria, which is 100% occupied; the 147,660-sf Southwest Gas Building at 10851 N. Black Canyon Highway in Phoenix, 89.3% leased; 310,837-sf Financial Plaza at 1201 S. Alma School Rd. in Mesa, 88% filled; 79,223-sf Scottsdale Norte at 11333 N. Scottsdale Rd. in Scottsdale, 98.5% occupied; and the fully leased, 203,000-sf Camelback Lakes Corporate Center at 2710-2850 E. Camelback Rd., also in Phoenix. The assets were built between late 1980 and early 2000.
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