by Business Real Estate Weekly
A company formed by ViaWest Properties LLC in Phoenix (Gary Linhart, Steven Schwarz, principals) and AllianceBernstein Holding L.P. in New York City, N.Y. (NYSE:AB) paid $163.1 million ($257.48 per foot) to purchase the Biltmore Financial Center office project at the northwest corner of 24th Street and Camelback Road in Phoenix. The seller of the three-building, 633,459-square-foot complex was East Camelback Road Inc., a company formed by The State of Florida Retirement Fund in Tallahassee, Fla. The deal was brokered through Jim Fijan and Will Mast of CBRE in Phoenix. Invesco Realty Advisors in Dallas, Tex. advised the seller in the transaction. The purchase included: Biltmore Financial Center I, a 4-story, 210,494-square-foot building at 2390 E. Camelback Road; Biltmore Financial Center II, an 11-story, 288,076-square-foot mid-rise located at 2398 E. Camelback Road, and Biltmore Financial Center III, a 6-story, 134,889-square-foot structure at 2394 E. Camelback Road. The buildings were developed in 1985, 1989 and 1990 and are collectively 72 percent occupied. The buyer, AB VWP BFC Owner LLC (AllianceBernstein/ViaWest Properties entity), acquired the offices with $124 + million in financing from two lenders.
