The Association of U S West Retirees



Phoenix office buildings fetch $165 million
Commercial land interest growing
By Glen Creno
The Arizona Republic
Thursday, January 12, 2006

A couple of pieces of Phoenix commercial real estate sold for nearly $165 million in separate deals that wrapped up the old year with a bang and got the new year off to a fast start.

The Qwest Tower, a 25-story building at 20 E. Thomas Road, sold for $76.3 million at the end of December.  And earlier this month, a beverage production facility on the former East High School site changed hands for $88.5 million.

The deals highlight the increasing interest among investors for Phoenix commercial real estate, especially properties with tenants likely to stay put for a long time and provide steady revenue.  Pete Bolton, a senior managing director at CB Richard Ellis in Phoenix, said the deals underscore the Valley's improving economy and job growth.

The 500,000-square-foot industrial building at 615 N. 48th St. is a production and research and development center for LeNature's, a Pennsylvania-based seller of bottled water and other drinks.  A real estate investment-management affiliate of CB Richard Ellis bought it from First Industrial Development, a Chicago real estate investment trust.