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TEMPE, AZ-Following a more than five-year hold on two buildings in Warner Crossing Business Park, The Ackerberg Group, on behalf of Warner Crossings LLC investment, has sold both buildings for $23 million and vacated the Phoenix market. The two buildings, totaling 137,484 sf, are 100% leased to national credit tenants.

In 2000, Ackerberg Group acquired three buildings totaling 173,149 sf in the 60-acre Warner Crossing Business Park for $18 million. Ackerberg sold one of the buildings on Hardy Drive for $3.7 million in 2002. Ackerberg elected to hold the other two buildings, with tenants Honeywell International Inc. and TSYS, until recently.

“This is a group from Minneapolis that does incredible developments in the Minneapolis area,” says Melinda Korth, executive vice president with Trammell Crow Co.’s Phoenix office Korth, along with TCC’s Barry Gabel and Mark Dancer, represented the seller. “But they indicated to us that their focus is now their Minneapolis projects. That’s why they sold the buildings,” she adds.

The self-represented International Capital Partners bought all three buildings from The Ackerman Group. The remaining buildings in the park are owned by iStar Financial, headquartered in New York. Korth tells GlobeSt.com that Warner Crossing Business Park, developed by local firm Ryan Company US Inc., attracted many investors and tenants during the past several years. Ryan Cos. acquired the land from Honeywell, formerly Allied Signal, in the late 1990s. “Honeywell wasn’t interested in dealing with real estate, so they did a sales-leaseback with Ryan for some build-to-suits,” Korth explains.

“This was the second or third major project in the Tempe area,” she adds. “It created a lot of back office product in an area that needed it.”

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