Anthem Sell-Off Triggers $3.6-Mil Office Building Sale

PHOENIX-A Canadian-based investment group unloads another office property in Phoenix in an ongoing disposition of its Arizona holdings. Anthem Partners Ltd. gets a little more than $3.6 million for the 31,286-sf Northbank Office Building at 5110 N. 40th St.

International Capital Partners is the buyer of the 19-year-old building, which is 90.5% occupied. Handling both sides of the deal was an Insignia/ESG team that consisted of Dennis Desmond, senior managing director; Trevor Klinkhamer, managing director; and Adam Tolson and Mitch Chilton, both directors. The office building was under contract within four weeks of coming to market in an offering that attracted several interested would-be buyers, says Desmond.

Desmond says Anthem just feels “it is time” to sell off its Arizona holdings. Grubb & Ellis Co. is holding a contract for the investment group’s Lincoln Center, an office property at the intersection of Scottsdale and Lincoln, Desmond tells GlobeSt.com. The Insignia team previously sold Anthem’s 290,000-sf Scottsdale Executive Villas as part of the disposition.

Anthem held title to the multi-tenant Camelback Corridor property for the last three years. It is located north of Camelback Road in the historically well-performing corridor.

The Insignia team structured the sale through an ongoing relationship with the buyer as well. The deal marks the third completed by Insignia on International Capital Partners.