April 19, 2024 12:39 pm
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VanTrust buying office building in Phoenix to be vacated by State Farm

office

officeBy Business Real Estate Weekly

In a deal set to close at press time, VanTrust Real Estate LLC in Kansas City, Mo. (David Harrison, pres.) is expected to pay just under $23 million ($167.27 per foot) to buy a 137,069-square-foot office building at 444 N. 44th Street in Phoenix.

The seller is LBA RIV-Company VII LLC, a company formed by LBA Realty in Irvine, Calif. (Steven Layton, et al., principals).

The sale is being brokered by Tom Adelson and Jim Fijan of CBRE in Phoenix. The four-story building, called Four Gateway, is fully leased to State Farm.

In June 2011, BREW reported LBA Realty paying $12.3 million ($89.74 per foot) to acquire Four Gateway.

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