PHOENIX–Buchanan Street Partners, an active buyer of value-add office and industrial real estate, has purchased a 446,000-square-foot portfolio from Carlson Real Estate Company for $52.6 million, or $118 per square-foot. The 10-building portfolio was acquired in four separate sale transactions and includes a mix of office, industrial, office flex and retail properties. Three of the acquisitions occurred in Cotton Center, one of the most desirable master-planned business parks in Phoenix, while the fourth involved an industrial property in Avondale, in the Southwest Valley submarket.
The Buchanan Street acquisition is part of an ongoing investment strategy in the Phoenix area, and brings the firm's portfolio there to more than 1.2 million square feet of commercial space. “This investment underscores our ongoing commitment to invest in Phoenix and select Valley submarkets,” said Tim Ballard, president of Buchanan Street Partners.
“The improving market fundamentals and the high caliber of tenants in these properties make this an attractive acquisition for us,” added Ballard.
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David Phillips
David Phillips is a Chicago-based freelance writer and consultant with more than 20 years experience in business and community news. He also has extensive reporting experience in the food manufacturing industry for national trade publications.
