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PHOENIX-Brookhill Corp. of Santa Monica, CA, has added to its industrial portfolio with the $10.5-million acquisition of three industrial buildings in the Quads at Eastbank development.

The buildings, totaling 101,482 sf, were sold by Lebec, CA-based Tejon Ranch, which has owned the buildings since 1998. With the sale, Tejon Ranch exits Arizona to focus on land holdings.

“We received quite a bit of interest in the buildings,” says David Carder, a vice president with CB Richard Ellis Inc.’s Phoenix office. The buildings are centrally located in Phoenix and adjacent to the airport with freeway access. “Investors like the business park location and the quality of the freestanding buildings,” he says.

Carder tells GlobeSt.com that Brookhill purchased the buildings as part of a 1031 Exchange. The company owns a building across the street from its just-bought trio of manufacturing buildings at 3820, 3826 and 3832 E. Watkins St. The buildings, designed with 20,431 sf, 31,050 sf and 50,000 sf, are leased to Dallas-based Sourcecorp Inc., Phoenix-based All that’s Natural Inc. and Phillips Sumika, a subsidiary of the Woodlands, TX-based Chevron Phillips Chemical. “Brookhill liked the credit of the tenants and the long-term leases,” says Carder, who brokered the deal along with CBRE’s Bob Crum and Mark Krison.

The transaction marks the fourth time that the trio’s been involved in the property’s sale. They sold the land in 1995 to Sunstate Builders, which developed the four-building complex in 1996. They also handled the 1996 sale to Phoenix-based Douglas Allred Co. and Tejon Ranch in 1999. Brookhill obtained new financing through Phoenix-based Churchill Mortgage to acquire the buildings, according to Carder.

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