Search
 

International Capital Buys Second Office Property in Two Weeks

PHOENIX-This time, the investment group gets a 109,332-sf building in the Metrocenter, a class A asset delivering $15.1 million for its seller, ING Clarion Partners. The top three tenants, averaging four years left on their leases, occupy 87% of the building.

By Jennifer D. Duell | Updated on February 25, 2005

PHOENIX-International Capital Partners has beaten out nine other competing offers with a $15.1-million bid for a 109,332-sf, class A building in the Metrocenter submarket.

The two-story Corporate Center was sold by ING Clarion Partners of New York City. “There is a play to it,” Tim Whittemore, a senior director with Cushman & Wakefield of Arizona Inc., says about the two-story office building at 10040 N. 25th Ave. “It offers near-term security with mid-term upside.”

Whittemore says the Scottsdale-based International Capital Partners was among the highest of the 10 offers placed for the building. “ICP was attracted to the upside,” says Whittemore, who teamed with C&W’s Chris Toci, Brian Ackerman, Mike Sayre and Mike Beall to broker the sale. ING Clarion bought the 7.6-acre property, located near Interstate 17 and Peoria Avenue, from Opus West in the late 1990s.

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.