Phoenix – Just two weeks after closing its first Phoenix area real estate investment, Griffin Capital Essential Asset REIT in El Segundo, Calif. has jumped right back on the bike with the $54.5 million ($234.26 per foot) acquisition of 232,648 sq. ft. of back-office buildings in north Phoenix. The structures, each of 116,324 sq. ft., are at 25500 and 25600 N. Norterra Parkway. The sellers in the cash deal were companies formed by United Services Automobile Association (USAA) in San Antonio, Tex. The sale was brokered by Chris Toci, Chad Littell and Tim Whittemore of Cushman & Wakefield of Arizona Inc. in Phoenix and Mike Beall of Cassidy Turley in Phoenix. The back-office structures, which are within a massive business park being developed by USAA, are both fully leased for 10 years to CIGNA Medical Group, a division of CIGNA HealthCare of Arizona. The buildings were built in 2001. The 578-acre USAA business park is located just north of the northeast corner of Happy Valley Road and Interstate 10. The investment is the second in the Valley for Griffin Capital Essential Asset REIT. Continue reading
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