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PHOENIX-Transpacific Development Co. has added to its local holdings with the $22-million acquisition of the Art Institute of Phoenix’s building from Alliance Commercial Partners. The Southern California buyer is planning a long-term hold of the 92,103-sf asset.

Situated on 6.61 acres at 2233 W. Dunlap Ave., the 20-year-old building attracted several offers, according to Barry Gable, executive vice president in Phoenix for CB Richard Ellis, who represented the Denver-based seller. “Alliance’s original plan was to buy the property and stabilize it,” Gabel says, adding the owner was ready to sell once the Art Institute took over the entire building last year. In late 2006, the institute’s executive board signed a 12-year lease with an annual payout of $1.6 million.

Gabel tells GlobeSt.com that Transpacific Development got the nod as new owner because it was planning an all-cash closing and had a previous relationship with the art institute parent company, Education Management Corp. of Pittsburgh. “The buyer performed well, did great due diligence and closed when they said they would,” he says. Gabel teamed with CBRE senior vice presidents Melinda Korth, and Ashley Brooks Jr., first vice president James Bayless and client services specialist Kelley Gulliver to represent the seller.

Although the building is in good condition, Transpacific Development will be making some improvements, including elevator and roof upgrades. Because the new owner plans a long-term hold, the work will ensure the building is up to standard, Gabel says. Transpacific also owns the 55-acre Elliot Business Center along Carver Road and Hardy Drive in Tempe and 171-acre Transpacific Distribution Park in Tolleson.

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