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Argus Pays $33M for Elliot Corporate Center

TEMPE, AZ-After owning Elliot Corporate Center for three years, Crown West Realty flips the 223,000-sf, class A building to Argus Realty Advisors for $32.9 million. The six-year-old flex office building is 100% leased to credit tenants like Honeywell.

By Jennifer D. Duell | Updated on November 04, 2004

TEMPE, AZ-Argus Realty Investors LP has made its second office play in the Valley with the $32.9-million buy of Elliot Corporate Center, besting a field of seven to make the close.

“Argus was looking for a seasoned, well-positioned asset with predictable cash flow,” Bob Buckley, a senior vice president in Phoenix for Dallas-based Trammell Crow Co., tells GlobeSt.com. The TIC investment group from San Juan Capistrano, CA, got a six-year-old, fully leased asset at 875 Elliot Rd. with credit tenants like Honeywell Corp. and the University of Phoenix.

Buckley, who represented the Spokane, WA-based Crown West Realty LLC, says Elliot Corporate Center was nearly 70% vacant when it acquired the two-story building in 1999 from local developer Mick Diessner. “They bought it distressed, leased it up and now is the time to sell according to their investment timeline,” he says.

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