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4-Building Office Complex Sells for $2.1M

PHOENIX-A premier neighborhood and an undervalued office complex were the right combination for the buyer of a four-building office complex at 1121 E. Missouri Ave., which sells for about $80 per sf.

By Beverly Ford | Updated on October 15, 2002

PHOENIX-An undervalued office complex with a premier address near the city’s prestigious Camelback corridor has been sold for $2.1 million to a newly formed holding company whose strategy is based on holding and managing its own properties. C&C Acquisitions LLC, using the newly formed entity Missouri Holdings LLC, purchased the 26,000-sf, four-building office complex at 1121 E. Missouri Ave. as an addition to it’s growing office, retail and multifamily rental portfolio.

The property caters towards professional office users in the densely populated market surrounding Camelback Corridor just a half-mile to the south and is located 1.5 miles from the Arizona Biltmore. James Butwin, a principal with C&C Acquisitions, tells GlobeSt.com the building’s multi-tenant design, with offices ranging from 800 sf to 3,000 sf, make it ideal for small business users.

“The demographics in the area are very strong. There are a lot of people who will be able to rent these offices,” Butwin says, noting the single- and two-story complex is currently 96% occupied.

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