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TEMPE, AZ-A California investment group has made its first move into the Phoenix metro with the acquisition of the class A, 105,093-sf Acacia Court for nearly $17.8 million. The office complex was 94.24% leased at sale time.

Armed with 1031 exchange funds, the Garrett Group from Temecula, CA, bought the two-building property, located at 950 and 960 W. Elliot Rd., from International Capital Partners from nearby Scottsdale. Built in 2000, the complex includes regional office tenants like Honeywell Corp., Hanjin Shipping Ltd. and W.L. Gore & Associates Inc.

“The buyer has been looking and wanting to buy something in Phoenix for awhile,” says Barry Gabel, senior vice president in Phoenix for Dallas-based Trammell Crow Co., “and they felt this would be a good deal to open their presence here.” He and TCC’s Melinda Korth represented the seller while the buyer was self-represented.

Gabel tells GlobeSt.com that Acacia Court, marketed for $18 million, attracted a tremendous amount of interest. The fact that Garrett was making an exchange investment was attractive to the seller, however. In addition, “they’re a sophisticated buyer, they had quick decision-making capabilities and was familiar with the location and had a strong interest in investing in the Phoenix metro area,” Gabel adds.

The seller placed the property on the market because it was the right time to do so. “They had renewed their largest tenant, Hanjin Shipping, for a long-term lease. And, they felt there would be a strong desire for this type of product,” Gabel says.

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