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PHOENIX-In an off-market transaction, Fenway Properties has forked over $22.25 million to San Diego-based Equastone for the 215,000-sf Valley Commerce Center. The new owner will invest another $3 million into upgrading its newest portfolio piece.

“We’re going to renovate a tired property. It needs a little bit of a facelift, work on the lobbies and corridors–things to bring it into the new millennium,” Larry Jackel, partner with Fenway Properties, tells GlobeSt.com. “We’re trying to give an A finish to a B-quality building.” The office park at 4745 and 4747 N. 7th St. was 70% leased at sale time.

The San Diego-headquartered Fenway has hired Jeff Wentworth, Blake Hastings, Scott Baumgarten and Nicole Cooley with Grubb & Ellis/BRE Commercial LLC to lease the property. Arcadia Management Group Inc., also from Phoenix, will manage it.

Jackel says the tenant base in the 1984-constructed center is solid, with no immediate expirations on the books. “We’re more involved in a filling-up process,” he adds. “This could be a terrific environment for anyone from mom-and-pop service type of companies all the way up to high-end corporate office users.”

Fenway Properties’ other area holdings are the 90,975-sf Westwood Business Center at 2222-2228 W. Northern Ave. and 41,733-sf Dunlap Executive Business Park at 2301 W. Dunlap Ave. Jackel says a contract is in hand to buy another 140,000 sf in the area. The company’s typical hold period is three to five years; the interest is office and industrial product. “We’re value-add buyers,” he says, “and we buy to increase value through renovation and construction.”

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