The class A purchase boosts the buyer's portfolio to 3.2 million sf since it became a publicly traded company in March. Consistent with its co-investment strategy, Pacific Office Properties Trust will co-own the 31-story tower at 101 N. First Ave. in partnership with an institutional investor. The tower, built 32 years ago, has ground-level retail and a separate parking garage, with its location near the city's light-rail transit line, which will be operational by the end of this year.
"The acquisition of the landmark US Bank Center will further enhance Pacific Office's portfolio in Phoenix, where we believe the long-term demographic trends are very attractive and where we currently have a significant presence and established management team," Dallas Lucas, Pacific Office Trust's CEO, says in a press release. Additional details will be forthcoming, but the Los Angeles-based buyer's acquisitions team couldn't be reached by deadline.
Pacific Office Property Trust is a merger between Arizona Land Income Corp. and POP Venture LLC. As part of its formation transactions, Pacific Office Trust was granted the option to acquire certain properties that Shidler may have bought prior to the consummation of its formation transactions, including US Bank Center, and at the same price, according to the release. Shidler bought the tower in May 2006 for $66.25 million.
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