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$17M Corners Phoenix CBD Landmark

TEMPE, AZ-A Tucson group pays $16.6 million for the five-building Hayden Square to the LAFP, the investment fund for L.A. police and firefighters. The 3.6-acre complex, coming off a renovation and repositioning, trades at a 97% occupancy.

By Lee Simmons | Updated on June 16, 2004

TEMPE, AZ-Hayden Square, a CBD landmark property, has passed to a Tucson investment group for $16.6 million. The 106,834-sf, five-building complex, now a mix of office and retail, was a former events destination and one-time headquarters for America West Airlines.

The limited liability company buyer, Holualoa Hayden Square, scored the win in a face-off with 13 other investors. The buyer’s proven track record in the Phoenix market was the dealmaker, Stan Shafer, a senior vice president for Grubb & Ellis/BRE Commercial in Phoenix, tells GlobeSt.com. “They have a very extensive track record for buying properties in Arizona and pursue all property types,” he says.

The seller is LAFP Phoenix Inc., an investment fund representing Los Angeles police and firefighters, which had the 3.6-acre property at 51 W. Third St. on the market about five weeks. Built in 1986, a five-story building in the complex served as America West Airlines’ headquarters until 1999 when the airline moved to a nearby larger building. Shortly thereafter, LAFP completed a major renovation on the empty structure and implemented a lease-up campaign that lifted the entire complex’s occupancy to its present 97%. The other four buildings are two-story designs leased to office and retail tenants in spaces from 1,000 sf to 15,000 sf. Office rents average $24 per sf while retail space can go as high as $24 per sf.

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