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| American Express Building, 3151 and 3202 West Behrend Drive, Phoenix, AZ |
PHOENIX, AZ –
American Realty Advisors, an institutional real estate investment manager with
approximately $6.7 billion in assets under management, on behalf of one of its
clients, has sold an office building and data center totaling 513,361 square
feet in Phoenix, AZ for $91.5 million.
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| Jim Fijan |
The property
is fully occupied by tenant American Express Travel Related Services Company,
Inc. (a subsidiary of FORTUNE 500 company American Express).
“This asset
was poised for strong investor interest, based on the long-term commitment to
the property demonstrated by American Express,” says Stanley Iezman, Chairman & CEO of American Realty Advisors.
“This resulted in an attractive property with a stable rent roll to market to
investment groups.”
This asset
is situated on a 28.54-acre site located at 3151 and 3202 West Behrend Drive
within a growing submarket of Phoenix where demand for office and data center
properties continues to rise, according to Iezman.
“Several
major data centers are located in the Phoenix market, based primarily on the
region’s skilled workforce, affordable power, and low rate of natural
disasters,” says Iezman. “This particular data center competes on both a
national and international level, making the asset even more attractive to
investors.”
Iezman notes
that the sale of this property demonstrates American’s overall strategy to
acquire, stabilize, manage, and sell assets in a way that drives the highest
yields for its institutional investors, which include major pension funds,
insurance companies, and foundations.
Jim Fijan and Chad Freese of CBRE represented the seller in the transaction. The
buyer was Griffin Capital Corporation, a publicly registered non-traded REIT.
For a complete copy of the company’s
news release, please contact:
Lexi Astfalk
/ Jenn Quader
Brower,
Miller & Cole
(949)
955-7940
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