DTZ announced the sale of the DMC Portfolio, a ±230,524 square foot, three property portfolio in Tempe and Chandler. BH Properties, LLC (Los Angeles) purchased the portfolio for $22.85 million from Buchanan Street Partners (Newport Beach, CA).
Senior Managing Directors Bob Buckley, Tracy Cartledge and Steve Lindley and Associate Ben Geelan of DTZ’s Phoenix office represented Buchanan Street Partners during the transaction.
“The DMC Portfolio was an exceptional opportunity to acquire a substantial amount of sought-after office and industrial real estate in two of the Valley’s most dynamic submarkets, Tempe and Chandler,” according to Mr. Buckley. “BH Properties recognized the quality of the assets and their tenant rosters, with major national and international tenants occupying 95% of the leased square footage in the three properties.”
The DMC Portfolio sale included three properties – two single-story office buildings, Tempe Commerce Park and the ADP Building, and a three-building, multi-tenant industrial park, Ocotillo Business Center. Tempe Commerce Park, 7420 S. Kyrene Road in Tempe, is a 65,857 square foot office building built in 1999. ADP Building, 7474 W. Chandler Boulevard in Chandler, is a 62,115 square foot office property built in 1987 and expanded in 1998. Ocotillo Business Center, 7910, 7970 and 8060 S. Kyrene Road in Tempe, is a 102,552 square foot, three-building industrial park built between 1998 and 1999. The portfolio was 72.2% leased at the time of sale.
