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PHOENIX-In a move aimed at sharpening its investment focus, Mack-Cali Realty Corp. of Cranford, NJ has sold its Arizona portfolio for $43 million to the California investment firm, Summit Commercial Properties.

Summit is getting 417,000 sf of fully leased office space along with some of the most prestigious tenants in the Valley to mark its inroad into the Arizona market. The three-building package includes the American Express Building, a 124,171-sf, three-story office building at 19640 N. 31st Ave. in Phoenix; the Honeywell Building, a 181,596-sf, two-story office at 5551 W. Talavi Blvd. in Glendale; and the 9060 E. Via Linda Building, a 111,200-sf, two-story building in North Scottsdale. Among the tenants are American Express Travel Related Services Co. Inc., Honeywell’s business and commuter aviation division, Advance PCS and Sentry Insurance.

“These acquisitions fit with our long-term strategy to grow and diversify our office holdings,” Jack Mahoney, Summit’s president tells GlobeSt.com. “The properties are high-quality properties. We’re very excited to get them. You could hardly pick a better roster of tenants.”

Mahoney said the properties mark the firm’s first venture into the Phoenix market. The company currently has holdings in California, Texas and Colorado, all within an hour’s flight of its Los Angeles headquarters. Summit, an affiliate of Highridge Partners, has also partnered with Mack-Cali on some California investments, Mahoney said.

Since mid-2001, Mack-Cali has been selling its properties west of the Mississippi. Mitchell E. Hersh, Mack-Cali’s CEO, said the Arizona divestiture is part of that ongoing strategy to sell and deploy the capital into new ventures in the hot Northeast and Mid-Atlantic corridors. The firm currently owns or has interests in 257 properties totaling about 27 million sf in the Northeast, serving about 2,000 tenants.

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