With the commercial real estate markets remaining soft, a recent acquisition may bring hope for some real estate investors. A real estate investment trust, Parkway Properties Inc., based in Orlando, Florida, recently purchased a Class A office building in Tempe, Arizona, adding to its growing investment fund portfolio.
The Hayden Ferry II building was purchased February 13 for $86 million and now the REIT owns both buildings -- Hayden Ferry I and II. The seller of the property was not disclosed, but the property was purchased in 2008 for $92.5 million and was built in 2007 by SunCor.
These two buildings are both 95 percent leased because of a recent 50,000 square foot lease to the Silicon Valley bank. The buildings are also home to high profile tenants KPMG and Microsoft.
The Parkway Properties Inc. portfolio is a discretionary fund that was formed in 2008 between Parkway and the Teacher Retirement System of Texas for the purpose of acquiring high-quality, multi-tenant office properties.
If you are a business owner interested in selling your investment property, you should contact a qualified attorney that understands the commercial real estate market and its changing environment both locally and nationally. An attorney can guide you in alternative financing sources and see that they are compliant with local, state and national laws. They also understand the challenges that can take place working with developers, city leaders and buyers of commercial real estate.
With the acquisition of the Hayden Ferry II building, the fund now owns 12 properties in Arizona, Georgia, Pennsylvania, North Carolina and Florida.
Source: Phoenix Business Journal, "Tempe's Hayden Ferry II sold for $86 million," Jan Buchholz, Feb. 14, 2012
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