"Block's MO for this fund is to look for office assets with longer term leases and strong credit tenants," says Christopher Walton, a senior associate with Grubb & Ellis Co.|BRE Commercial LLC. The fully leased portfolio has minimal lease exposure, he adds. Five tenants, including Arthur Anderson and locally based EffectNet, are housed in the three buildings.

The package consists of a 65,900-sf building at 10210 S. 50th Place; 40,650-sf structure at 10230 S. 50th Place; and 36,875-sf building at 5029 E. Sunrise Dr. Built in 1983 and 1984, the buildings sit on nearly 12 acres close to Interstate 10. "These assets are well-located in the prestigious Ahwatukee submarket near Tempe," Walton says. "This area has a large labor force."

Walton tells GlobeSt.com that Phoenix Tech Center was marketed through a bid process, which garnered 15 offers. "Block stepped up for this asset," he says, declining to say whether or not the fund was the highest bidder. The fund, typically has a 10-year hold for its investments, is looking for additional investment opportunities in Phoenix as well as Atlanta and St. Louis, according to Walton, who teamed with Grubb's Stan Shafer and Eric Wichterman to broker the sale.