By Business Real Estate Weekly
A joint venture formed by True North Management Group in White Plains N.Y. (Desmond McGowan, principal) and Crown West Realty LLC in Phoenix (Bob Olshan, pres.) paid a combined $29.925 million ($113.15 per foot blended average) to acquire 264,424 sq. ft. of office and flex space located within the Cotton Center business park in Phoenix.
The sellers in two cash transactions were commercial mortgage backed securities (CMBS) managed by LNR Partners LLC in Miami Beach, Fla. The assets were sold through www.auction.com.
The property sales were negotiated through Eric Wichterman and Mike Coover of DTZ in Phoenix.
In the larger of the two transactions, Cotton Corporate Center JVE – Flex LLC (True North/Crown West entity) paid $17.85 million ($120.92 per foot) to purchase 147,618 sq. ft. of flex space in two, 73,809-square-foot structures located at 4625 and 4675 E. Cotton Center Boulevard.
