PHOENIX—W. P. Carey Inc. announced yesterday that CPA:17 – Global, one of its publicly-held non-traded REIT affiliates, has acquired an office building in Tempe, Ariz. leased to Avnet, Inc. The facility serves as the global headquarters of Avnet's Technology Solutions group. The purchase price was approximately $23 million.

The property is leased for ten years to Avnet, Inc., one of the largest distributors of electronic components, computer products and embedded technology serving customers globally.

The 132,070-square-foot property is located on a nine-acre site within the Arizona State University Research Park in Tempe, the best performing major submarket of Phoenix. With excellent freeway exposure along the Loop 101, the site provides parking for more than 660 vehicles and room for future expansion of the facility.