Columbia Property Trust Inc. exited the Phoenix market as it sold the SanTan Corporate Center for $58,500,000 million, according to a Thursday announcement.
City Office REIT purchased the SanTan Corporate Center, a Class A office property near Ray and Price Roads, which consists of two office buildings totaling 267,000 square feet.
Columbia Property Trust sold the SanTan Corporate Center at the same time as it sold an office complex in Dallas, exiting that market as well. Combined, Columbia made $109.5 million in total gross proceeds, and will reinvest the funds in its target markets.
Columbia acquired the SanTan Corporate Center in 2006, and both buildings on the property, built in 2000 and 2003, are 100 percent leased.
Toyota Financial Services fully occupies SanTan Corporate Center I, and recently signed a lease renewal through 2024.
SanTan Corporate Center II is leased to multiple tenants, including Dialog Semiconductor, a UK-based manufacturer of semiconductor-based system solutions, and Isola USA, part of the global material sciences company Isola Group.
“We felt the time was right to realize the value of these assets and exit both markets as we continue to sharpen our focus on a select group of CBD, high-barrier markets,” said Nelson Mills, president and CEO of Columbia Property Trust.
Adam Edwards, K.C. Scheipe, Mike Kathrein and Justin Shepherd from Eastdil Secured represented Columbia Property Trust in the deal. City Office REIT did not have a broker in the deal.