$20M Outmaneuvers Pack for 111,200-SF Office

SCOTTSDALE, AZ-St. Paul Travelers Inc., taking advantage of a solid income stream and upside potential, has acquired the 111,200-sf Via Linda Corporate Center. The Minnesota investment group has paid $19.9 million for the class A office building, which is occupied by two tenants.

The buyer beat 12 other offers from private and institutional players with its offer for a quick close, aggressive pricing and an all-cash deal for 9060 E. Via Linda property, according to Chris Toci, executive director with Cushman & Wakefield of Arizona Inc., who represented the seller, LBA Realty of Irvine CA along with colleagues Ted Harrison, James Wilson and Michael Beall. “There was a good sampling of all the food groups, except for the REITs,” Toci says.

Toci says LBA inherited the 21-year-old office building in the early 2006 merger with Bedford Properties Investors Inc. of Lafayette, CA. LBA has one local property left from the Bedford portfolio: the 140,157-sf Executive Center at Southbank at 3600 E. University Dr. Toci says the owner, which has other assets in Greater Phoenix, is working right now to renew Executive Center tenants.