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TEMPE, AZ-Argus Realty Investors LP has made its second office play in the Valley with the $32.9-million buy of Elliot Corporate Center, besting a field of seven to make the close.

“Argus was looking for a seasoned, well-positioned asset with predictable cash flow,” Bob Buckley, a senior vice president in Phoenix for Dallas-based Trammell Crow Co., tells GlobeSt.com. The TIC investment group from San Juan Capistrano, CA, got a six-year-old, fully leased asset at 875 Elliot Rd. with credit tenants like Honeywell Corp. and the University of Phoenix.

Buckley, who represented the Spokane, WA-based Crown West Realty LLC, says Elliot Corporate Center was nearly 70% vacant when it acquired the two-story building in 1999 from local developer Mick Diessner. “They bought it distressed, leased it up and now is the time to sell according to their investment timeline,” he says.

Elliot Corporate Center sits on 16.5 acres, just off Interstate 10, in South Tempe. “From a location standpoint, it’s excellent,” Buckley says. He points out there is very little land left in Tempe upon which to build.

According to Buckley, Argus Realty is actively searching for more assets in the Phoenix Valley. “Argus typically has a five-year hold and when you look at the growth projections for Phoenix, it’s a good fit,” he says. Argus Realty was represented by Rick Lee, principal in Lee & Associates Arizona. In February, Argus Realty bought Tempe One Business Center, a two-building complex totaling 216,000 sf at 1516 W. 17th St. for $23.7 million.

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