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Developer-Investor Pays $20.1 Mil for First Arizona Buy

TEMPE, AZ-Crown-Phoenix, which just moved from Spokane, WA to Arizona, acquires the Elliot Corporate Center I in the Southeast Valley. The 93%-occupied building has Honeywell Corp. as its lead tenant.

By Connie Gore | Updated on December 21, 2001

TEMPE, AZ-A Spokane, WA developer and investor has marked its inroad into the Arizona market, paying a little more than $20.1 million for the Elliot Corporate Center I in the Southeast Valley.

Buyer Crown-Phoenix LLC has just moved to Arizona, but is retaining its Spokane office, Rick Lee, principal of Lee & Associates Arizona, tells GlobeSt.com. The first in the firm’s Arizona portfolio just happens to be “a premier office building,” he says. The property had been on the market for six months and attracted the interest of several bidders.

Seller Hardy & Elliot LLC is a division of the property’s developer, M.F. Diessner Development of Phoenix. Lee and the Insignia/ESG team of Bob Buckley, Steve Lindley and Tracy Cartledge handled negotiations for both sides of the deal.

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