Scottsdale/Phoenix/Glendale/Mesa – As part of a larger portfolio deal, limited partnerships formed by Starwood Capital Group in Greenwich, Ct. (Barry Sternlicht, chairman) paid $67.055+ million to buy 731,420 sq. ft. of retail and office space in four Valley projects. The sellers in four separate cash transactions were commercial mortgage backed securities (CMBS). The special servicer assigned to dispose the properties was CWCapital Asset Management LLC in Bethesda, Md. The Valley assets were sold as part of a $191 million portfolio deal in which Starwood Capital Group acquired 1.3 million sq. ft. of office projects and 295,000 sq. ft. of retail space in a pool of properties marketed through CWCapital Asset Management. The portfolio deal was negotiated through Patrick Arangio of CBRE in New York City, N.Y. Assisting in the sale of the Phoenix area developments were Barry Gabel and Chris Marchildon of CBRE in Phoenix and Mindy Korth, formerly of CBRE in Phoenix and now with Colliers International in Phoenix. In addition to two office projects and two retail plazas in the Valley, the portfolio included five office properties and two retail assets in California, Kansas, Tennessee and Virginia. Continued
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