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PHOENIX-A Hawaii buyer will upgrade its most recent acquisition, the 138,500-sf Concorde Commerce Center –immediately. The new owner is still working out the full cost of the overhaul for the class B building, which it bought for $24.7 million from Opus Real Estate Arizona LLC.

“We’re renovating the common areas of the building because they’re the original ones and they need updating,” says Norbert M. Buelsing, executive vice president of Honolulu-based A&B Properties Inc. “The plan is to bring the building to standards consistent with the location.” The building, situated at 2222 W. Dunlap Ave., was built in 1998.

As of now, the building is 93% leased. Buelsing tells GlobeSt.com that one tenant, Health Dialog Inc., will vacate in 2007. The other two tenants, Fiserv Solutions Inc. and Star HRG have longer terms on their leases.

The building’s quoted rents range from $23 per sf to $23.50 per sf, full service. CB Richard Ellis Phoenix team will oversee management, but a leasing agent has yet to be determined.

Buelsing says the Concorde Commerce Center acquisition fit with A&B Properties’ portfolio mission to find class A buildings in class A locations. “We don’t make any particular effort to target solely office product,” he explains. “Our portfolio, overall for the company is distributed between retail, office and industrial.”

Buelsing says the deal was a one-off for the buyer. “We do have properties we’ve ID’d in other parts of the mainland, but nothing more in Phoenix or Arizona for the time being,” he adds.

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