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$6M Buys 74,880-SF Office Complex

PHOENIX-Covington Asset Management of Scottsdale scores the win with a $5.9-million offer for Metro Executive Park, a class B office complex with a 65% occupancy. The KBS Realty Advisors' sale baits a dozen offers for the value-add play.

By Jennifer D. Duell | Updated on May 09, 2005

PHOENIX-Covington Asset Management has expanded its portfolio, paying $5.9 million for Metro Executive Park to KBS Realty Advisors. The Scottsdale-based buyer made the highest offer for the 74,880-sf, class B, four-building office complex.

Located at 10220-10240 N. 31st Ave. near Metro Center Mall, Metro Executive Park received 12 offers during its 45 days on the market, according to Dennis Desmond, a senior vice president in Phoenix for Dallas-based Trammell Crow Co. He tells GlobeSt.com that the prospective buyer was attracted to Metro Executive Park because it offered a value-added opportunity. The 1980s-era complex was marketed at 65% occupancy since the lead tenant, Value Options Arizona, would be vacating 17,000 sf. Other tenants in the complex include Maricopa County and Southwest Behavioral Services Inc.

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