Adler Realty Investments, Inc. (Adler) purchased four multi-tenant office buildings in Phoenix, AZ for $16 million. The property is part of a larger 80 acre mixed-use park called “Corridors” in the Deer Valley submarket of Phoenix. The Alter Group, the developer of the park, was the seller in the transaction.
The 164,000 square feet office campus is currently 86 percent leased, including a 41,000 square foot lease with the State of Arizona signed while the property was under agreement for sale. Adler, who recently sold a similar sized industrial park in the Los Angeles area, reinvested the sale proceeds into the Corridors project to successfully execute a 1031 tax deferred exchange. Adler plans to aggressively lease the remaining 23,000 square feet of vacant space at the project and provide a steady cash flow stream for its investors.
“We are pleased with the acquisition of the new project and being able to execute on a 1031 tax deferred exchange for our investor group,” says Michael Adler, president of Adler. “Chris Engel, our director of acquisitions, is aggressively looking throughout the western United States for other investment opportunities to meet our other exchange requirements.”
James Clark, III of EnTrust Realty Advisors represented both Seller and buyer in this transaction.