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Single-family housing renters are much different than those in the apartment market.
The sale of the 246,000-square-foot property generated $100 million in incremental liquidity.
BentallGreenOak purchased the first phase of the 4 million-square-foot industrial facility Park 303.
Year-to-date, the REIT has acquired 625,000 square feet in medical office properties totaling $183 million.
Phoenix has been an attractive growth market for years, and the pandemic has only made it more appealing.
The acquisition represents the firm's third acquired property in Tempe, AZ since entering the Phoenix market in May 2021.
The company has purchased two communities in separate transactions and plans to implement $12 million in capital improvements.
The Opus Group develops and sells a 450,600-square-foot state of the art industrial asset in Southwest Valley.
The firm launched in February and already has a significant pipeline of industrial product under construction.
The purchase price is a record for the local market.