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PHOENIX-In one of the biggest office buys so far this year, a San Francisco-based investment group has plunked down $41 million for a 273,973-sf, three-building office complex that serves as the home to the University of Phoenix.

RREEF inked the deal for Hohokam Towers with seller Nationwide Realty Investors of Columbus, OH on behalf of one of its pension funds, Jan Fincham, principal with Phoenix-based Lee & Associates tells GlobeSt.com. “It’s one of the largest deals this year,” Fincham said of the office sale that gave the owner a strong, long-term tenant with the school and a strategic location at the junction of Interstate 10 and Route 143.

Fincham said the red brick, multi-story complex, which spans three addresses at 4605, 4615 and 4635 E. Elmwood Rd., was a good opportunity for RREEF, a national real estate investment firm that has purchased more than $433 million in assets this year alone. Among its holdings are several Valley properties.

“It offered a long-term stable yield with a major company that has had tremendous growth over the last five or six years,” he said. In addition to the University of Phoenix, the property also houses Matson Navigation, which leases 34,200 sf, along with several smaller tenants, all with lease roll that run from three to five years.

Fincham along with fellow brokers Pat Dempsey and Fred Darche, also with Lee & Associates, assisted both parties in negotiating the class A sale.

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