Business Real Estate Weekly by Rose Law Group
Phoenix – A company formed by Griffin Capital Essential Asset REIT Inc. in El Segundo, Calif. paid $51 million ($151.14 per foot) to acquire a 337,439-square-foot Phoenix office project leased to American Express Corp. at 20022 N. 31st Avenue. The seller was a limited partnership formed by KanAm Grund Kapitalanlagegesellschaft mbH of Frankfurt, Germany. The cash sale was brokered by Chris Toci, Chad Littell and Tim Whittemore of Cushman & Wakefield of Arizona Inc. in Phoenix. Maricopa County records show the buyer was The GC Net Lease (Phoenix Northgate) Investors LLC, an entity formed by Griffin Capital. The seller was KanAm 20022 North 31st Avenue LP. At year-end 2007, BREW reported a fund managed by KanAm Grund paying $60.325 million ($178.77 per foot) to buy the 31st Avenue building. That purchase was part of a $270.8 million portfolio deal that included 1.56 million sq. ft. of office space in four properties leased to American Express. The project in Phoenix is comprised of two, four-story structures that were built in 1985. Continued
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