TEMPE, AZ-Everest Holdings of Scottsdale, AZ has joined with Chicago-based Walton Street Capital to acquire the 223,392-square-foot Elliot Corporate Center. The JV paid $23.5 million to acquire the three-story office building from TIC investors headed by Thompson National Properties LLC, based in Costa Mesa, CA.
Built in the late 1990s, the asset at 875 E. Elliot Rd. is 87% occupied. Tenants include Apollo Group Inc. (the parent group of University of Phoenix) and Lamson Business College. Jim Fijan and Will Mast with CBRE's Phoenix office represented the seller in the transaction.
GlobeSt.com reported in late 2004 that Thompson National's predecessor, Argus Realty Investors LP, acquired the center from Crown West Realty LLC for $32.9 million. In 2008, Argus Realty merged with Thompson National Properties.
“This transaction is another example of the continued demand for office investment properties in the southeast Valley,” Fijan says. “Savvy investors recognize the continued strengthening of the market and well-located, well-taken-care of assets, like Elliot Corporate Center, are going to be well received.”
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