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PHOENIX-Making its first market buy, a Southern California investor has snagged the 220,000-sf Corporate Center at Southbank. The seven-building complex near Sky Harbor International Airport has been acquired from its developer for $32 million.

The majority of the space is flex industrial, with the 75,000-sf balance as class A office. Corporate Center at Southbank, located at 3410 E. University Dr. and 3291-3420 E. Harbor Dr., was built in 1990 by Madison Square LLC, a trio of US partners in separate cities.

The 15-acre development caught the attention of Cambra Realty LLC of Beverly Hills for several reasons. Not only does it have proximity to the airport, but Michael Schlesinger, Cambra Realty’s president, explains that “the office tower is class A and the whole thing has a strong tenant base, those were the major things.”

Schlesinger tells GlobeSt.com that another benefit of the 97%-leased complex is the 50% lease roll within the next year and accompanying upside. The asset’s quoted rates aren’t available, but the going rate for industrial space is 74 cents per sf, triple net in the airport submarket.

The new owner plans to upgrade the 16-year-old development. “We’re looking at mostly cosmetic renovations, possibly pavement upgrades and improvement to some of the exterior water features,” Schlesinger says.

Bob Safai, a principal with Los Angeles-based Madison Partners, advised Cambra Realty on the purchase. He also helped the buyer to obtain a $28-million, 10-year, fixed-rate acquisition loan. The sellers were self-represented. Robert Knight & Associates of Phoenix has been retained to manage the asset. A leasing company has not been selected.

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