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Portland Buyer Antes Up $17M for Six-Building Office Package

PHOENIX-ScanlanKemperBard Cos. makes its first buy in Arizona with the acquisition of Lakeside Center, a 152,600-sf development that had two other contracts fall by the wayside. The Muller Co. of Laguna Hills, CA is the seller.

By Jennifer D. Duell | Updated on November 01, 2004

PHOENIX-After several months of searching and two unsuccessful acquisition attempts, Portland, OR-based ScanlanKemperBard Cos. has entered the Arizona office market by stepping in with a $17-million offer for Lakeside Center, which had lost two other contracts on the road to a closing.

The six-building, 152,600-sf office property, located at 11221-11225 N. 28th Dr. in the Metrocenter submarket, was purchased from Laguna Hills, CA-based Muller Co. “We like the employment and population growth in Phoenix,” SKB principal Todd Gooding says about the 12-year-old development. “It’s a logical place to continue our growth given our presence in all other major metro areas in the West.”

Gooding says that the firm, which invests on behalf of high net-worth individuals and family trusts, likes the price of assets in Phoenix. “Prices are about 25 to 50 basis points higher in Phoenix than in California, Oregon and Washington,” he explains. He says SKB is actively searching for other acquisitions in the Valley and recently put a $47-million shopping center portfolio under contract.

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