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GMAC Banks $28M for Phoenix Office Complex

PHOENIX-The Muller Co. buys its third office property in the metroplex by outbidding 30 other investors jockeying for the 431,435-sf Pointe Corporate Center complex. The asset, bought with a 55% occupancy, is being repositioned as the Plaza at Squaw Peak.

By Lee Simmons | Updated on June 22, 2004

PHOENIX-Three Squaw Peak office buildings, totaling 431,435 sf, have sold to a California investment firm for $28 million, landing the buyer a value-add opportunity with a 55% occupancy. The purchase has sparked a high-priced improvement plan to bulk up the lease roll.

Newport Beach, CA-based Muller Co. bought the three-building Pointe Corporate Center complex from GMAC Mortgage Corp. of Horsham, PA. Financing was obtained from GE Commercial Finance of Stamford, CT.

Chris Krewson, an associate with CB Richard Ellis Inc.’s Phoenix office, tells GlobeSt.com that the listing attracted 30 offers in a marketing period of less than a month. The buyer placed the highest bid, but still one that fell below the asking price, he says. Escrow lasted about 30 days.

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