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PHOENIX-An undervalued office complex with a premier address near the city’s prestigious Camelback corridor has been sold for $2.1 million to a newly formed holding company whose strategy is based on holding and managing its own properties. C&C Acquisitions LLC, using the newly formed entity Missouri Holdings LLC, purchased the 26,000-sf, four-building office complex at 1121 E. Missouri Ave. as an addition to it’s growing office, retail and multifamily rental portfolio.

The property caters towards professional office users in the densely populated market surrounding Camelback Corridor just a half-mile to the south and is located 1.5 miles from the Arizona Biltmore. James Butwin, a principal with C&C Acquisitions, tells GlobeSt.com the building’s multi-tenant design, with offices ranging from 800 sf to 3,000 sf, make it ideal for small business users.

“The demographics in the area are very strong. There are a lot of people who will be able to rent these offices,” Butwin says, noting the single- and two-story complex is currently 96% occupied.

Butwin says the building appealed to buyers not only because of its location, but because its $80 per sf costs was less than the $140 per sf replacement costs. Also, rents are under market at about $15 per sf.

The layout and tenant mix also provide a stable tenant base that will enable the building to be more recession-proof than some other high-profile buildings with less flexible layouts, he adds.

C&C Acquisitions currently owns two office buildings in Mesa, one in Peoria and a retail center in Awahtukee. The firm also is planning to construct two retail centers in Mesa and Scottsdale next year.

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