Griffin Capital Essential Asset REIT of El Segundo, Calif., paid $54.5M for a two-building office campus in Northwest Phoenix, according to Chris Toci, Executive Director with Cushman & Wakefield of Arizona, Inc.
The 232,648 SF buildings at 25500 and 25600 Norterra Parkway are fully occupied by a Fortune 500 company. The two buildings are part of a 573-acre master plan campus, adjacent to the USAA Phoenix Campus.
Located along Interstate 17 at Happy Valley Road, the property is within the Deer Valley submarket, which houses more Fortune 500 companies than any other area of Metro Phoenix.
“This is the second large acquisition in Phoenix for Griffin Capital in recent months,” Toci said. “The REIT acquired a sizable AVNET building in Chandler earlier this spring. These assets provide the buyer with incredibly strong tenants in large facilities with long-term occupancy plans. As our market rebounds from recession conditions, these assets will surely provide impressive appreciation for the investors.”
The Corporate Campus at Norterra also benefits from surrounding retail amenities offered at Shops at Norterra and Happy Valley Towne Center. This amenity base provides abundant retail, entertainment and dining options.
Griffin Capital Essential Asset Reit purchased the property from an affiliate of USAA Real Estate Company. Toci represented the seller in taking the asset to market and successfully procured Griffin Capital as a buyer.
Toci, Chad Littell and Tim Whittemore of Cushman & Wakefield of Arizona, Inc. handled the transaction, in conjunction with Mike Beall of Cassidy Turley in Phoenix.