Search
 

Denver Investor's $8M Takes Siete Square Trio

PHOENIX-Beam Reach Real Estate Fund beats out seven other potential buyers with a $7.6-million offer to purchase Siete Square I, III and IV, with 145,477 sf of class B space, from Century National Properties. With the sale, Century National exits Phoenix.

By Jennifer D. Duell | Updated on December 03, 2004

PHOENIX-After just two months on the market and eight offers, Siete Square I, III and IV have traded to the Denver-based Beam Reach Real Estate Fund for $7.6 million. The three class B buildings, totaling 145,477 sf, were sold by Century National Properties, a division of Century National Insurance of Seal Beach, CA.

“This is (Beam’s) first foray into Phoenix,” says Colliers International agent Phil Breidenbach who listed the buildings at 3737, 3807 and 3877 N. 7th St. along with senior vice president Peter Nieman and Amy Whatley. “They like the fact that Phoenix is a growth market and thought it was a great opportunity to pick up a great piece of real estate at below replacement cost.”

Breidenbach tells GlobeSt.com that the three buildings are the only properties that Century National Properties owns in Phoenix. A recent restructuring within the company resulted in the assets being put on the market. “They no longer considered the buildings as core assets,” he says.

Want to continue reading?
Become a Free ALM Digital Reader.

Once you are an ALM digital member, you’ll receive:

  • Unlimited access to GlobeSt and other free ALM publications
  • Access to 15 years of GlobeSt archives
  • Your choice of GlobeSt digital newsletters and over 70 others from popular sister publications
  • 1 free article* every 30 days across the ALM subscription network
  • Exclusive discounts on ALM events and publications

*May exclude premium content
Already have an account?

NOT FOR REPRINT

© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.

GlobeSt

Join GlobeSt

Don't miss crucial news and insights you need to make informed commercial real estate decisions. Join GlobeSt.com now!

  • Free unlimited access to GlobeSt.com's trusted and independent team of experts who provide commercial real estate owners, investors, developers, brokers and finance professionals with comprehensive coverage, analysis and best practices necessary to innovate and build business.
  • Exclusive discounts on ALM and GlobeSt events.
  • Access to other award-winning ALM websites including ThinkAdvisor.com and Law.com.

Already have an account? Sign In Now
Join GlobeSt

Copyright © 2024 ALM Global, LLC. All Rights Reserved.