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Newport Beach firm pays $42M+ for 460K SF portfolio of office-industrial

Posted by   /  May 7, 2015  /  No Comments

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office industrial in PhoenixBy Business Real Estate Weekly

A limited partnership and a fund formed by TA Associates Realty in Newport Beach, Calif. paid $42.178 million (blended average of $91.56 per foot) to acquire 460,669 sq. ft. of office and industrial space in nine buildings in Phoenix.

The properties were sold by companies formed by Jim O’Donnell of White Star Development in Seattle, Wash. The portfolio deal was brokered through Mark Detmer and Bo Mills of Jones Lang LaSalle in Phoenix.

The group of multi-tenant and single tenant buildings includes industrial, office, flex and showroom space developed between 1996 and 2002. Entities formed by O’Donnell and White Star paid a combined $49.075 million (blended average of 106.53 per foot) to assemble the portfolio in four transactions completed between 2004 and 2007.

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