PHOENIX-After a lengthy absence from the market, Rosemont Realty has returned with the acquisition of Catalina Terraces, a 176,800-square-foot office building. The Santa Fe, NM-based investor bought the class A asset from Buchanan Street Partners, paying $20.75 million for the property, which is located at 7878 N. 16^th Street.

A local CB Richard Ellis team led by Jim Fijan marketed the three-story, multi-tenant property. Fijan tells GlobeSt.com that Catalina Terraces received about 10 offers, all from private investors.

“Rosemont’s offer was one of several offers that were all in the same neighborhood in terms of price,” Fijan says. “We liked Rosemont because they have owned property in the West, and they want to grow presence in Arizona. They liked the property, and it was clear they understood the opportunity because they spent a lot of time looking at it.”