November 22, 2024 10:35 pm
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North Phoenix office center sells for $58.6 million

commercial real estate

Catherine Reagor, The Republic | azcentral.com

A Los Angeles investor has paid $58.6 million for the Desert Ridge Corporate Center, near the Loop 101 and Tatum Boulevard in Phoenix.

The office and retail development is 75 percent full, with tenants including Geico Insurance, Vantage Retirement, Wells Fargo Bank, C.H. Robinson Worldwide, K. Hovnanian Homes and Summit Energy. The 1.2 million-square-foot Wells Fargo Bank is located near the office project.

Regent Properties purchased Desert Ridge Corporate, located on State of Arizona land, from Charlotte, N.C.-based FCA Partners LLC. The development’s ground lease for site has 78 years left.

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