Cushman & Wakefield of Arizona Inc.'s Chris Toci tells GlobeSt.com that the tenant is paying $19.05 per sf, gross. The complex, located at 2288, 2290 and 2328 Guadalupe Rd., has been sold by CSM Corp. of Minneapolis.
Americus Real Estate Investment acquired the one-year-old buildings, situated on 8.9 acres, for its Fund IV. Toci says the acquisition is the buyer's first in Phoenix, but it's looking for more. "Their specialty is a portfolio of triple net leases and they bid aggressively on this project," he says.
Toci says the 30-day marketing yielded 10 offers, with two ending up on top. "Americus kind of rose to the top," he adds.
According to Americus' website, Fund IV was established in April with $13 million of equity. The fund's investment criteria are commercial office buildings in large metropolitan markets, valued at $3 million to $20 million. Additionally, public-sector tenants need to occupy a minimum of 50% of the net rentable space. C&W's Ted Harrison, Brian Ackerman and James Greaves partnered with Toci on behalf of the seller. Americus was self-represented.
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