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
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
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.