September 25, 2018
A two-property office portfolio consisting of three buildings in metro Phoenix were acquired by a Gulf-based, high-net-worth investor for $25.95 million. San Diego-based advisory firm, Property Income Advisors, Inc., picked up the portfolio from Irvine, CA-based LBA Realty, on behalf of the Kuwaiti investor.
The portfolio consists of Cotton Center I (pictured), a 115,176-square-foot, 100% leased office building located at 4025 East Cotton Center Blvd., and Greystone Business Park, two 89%-leased buildings totaling 60,793 square feet at 2552 West Erie Drive and 2801 South Fair Lane in Tempe.
CBRE’s Barry Gabel, Chris Marchildon and Will Mast represented the seller in the transaction.
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