November 22, 2024 11:17 am
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Epic Venture goes epic, pays $183M for office space in Phoenix

Epic Venture

Epic VentureBy Business Real Estate Weekly

A company formed by EPIC LLC (Steven Elghanayan, Michael Elghanayan, principals) and Crown Properties Inc.(Davar Rad, principal), both New York City, N.Y.-based firms, paid $183 million ($305 per foot) to buy 599,664 sq. ft. of office space within the Riverpoint Business Park in Phoenix.

That project is near the southwest corner of Interstate 10 and 32nd Street.

The seller was American Realty Capital Properties Inc. in New York City, N.Y. (NASDAQ:ARCP). The transaction was negotiated through Barry Gabel and Chris Marchildon of CBRE in Phoenix, Kevin Shannon, Ken White and Michael Moore of CBRE in Los Angeles, Calif.

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