GlobeSt.com EXCLUSIVE: Missouri Falls Fetches $32M

PHOENIX-Missouri Falls, a 189,644-sf, class A office building in the Camelback Corridor, has sold for $32 million in an off-market transaction between a local partnership and the Trump Group of East Brunswick, NJ.

The four-story building is located at 645 E. Missouri Ave. at its intersection with 7th Street. “They needed to close the sale before the end of the year and approached us about buying the property,” says Ted Gibbons, president of Bellevue, WA-based Investment Realty Advisors Inc. who represented Missouri Falls LP in the transaction.

“The fact that we got this building under the radar screen was quite a coup,” Gibbons says. “Phoenix has evolved from a second-tier investment market to a very desirable market for office investments and demand is very strong.”