PHOENIX—Lee & Associates Arizona has closed on the three-office building leasehold sale of Papago Arroyo, 1255, 1275 and 1295 E. Washington St. in Phoenix for $40.85 million.
Combined, the buildings total 279,503 square feet, which calculates to $146.15 per square foot. The cap rate was reported to be 7% based on first year NOI performance.
Lee & Associates' Coppola-Cheney Group and Jerry Marrell, principal, negotiated the sale along with Bob Young and Glenn Smigiel of CBRE. The buyer was Papago Arroyo Associates, LLC of Honolulu. The seller was Greenwood & McKenzie RE Investments, of Tustin, CA.
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