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Principal Pays $82M for 520,837-SF Office Park

TEMPE, AZ-The Des Moines-based insurance company takes control of Fountainhead Corporate Park in an off-market transaction with AmberJack Ltd. The buyer gets seven office buildings of class A and B space and 40 acres of developable land.

By Jennifer D. Duell | Updated on July 12, 2005

TEMPE, AZ-An existing relationship between Principal Life Insurance Co. and AmberJack Ltd., a real estate subsidiary of State Farm Insurance Co., has paved the way for the $82-million trade of Fountainhead Corporate Park in a two-part closing for seven office buildings, totaling 520,837 sf, and 40 acres of entitled land.

The Des Moines-based Principal got five class A and two class B office buildings plus ready-to-go land entitled for office and multifamily development. The park is located along Interstate 10, across from the Tempe Diablo Stadium and near the intersection of Broadway Road and Priest Drive.

“Principal had purchased another asset from AmberJack in Portland in a similar off-market deal and that gave them the confidence that we could close a large transaction,” says Tony Hepner, director of acquisitions and dispositions for Principal Real Estate Investors. Last November, Principal paid $114.6 million to the State Farm subsidiary for Amberglen Business Center with 1.2 million sf of built space and 36 developable acres.

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