Phoenix – Feb. 4, 2008 – CB Richard Ellis (CBRE) has negotiated the sale of Desert Ridge Corporate Center,a mixed-use development consisting of two, multi-tenant office buildings and an adjacent retail center, located in Phoenix, Ariz.
Barry Gabel, Mindy Korth and Mark Dancer from CBRE’s Phoenix office and Kevin Shannon, Ken White and Todd Tydlaska from CBRE’s Torrance, Calif. office represented the seller, the Southwestern Division of Ryan Companies US, Inc. in Phoenix, a division of the Minneapolis, Minn.-based company, in structuring the $81.6 million transaction. Ryan Companies US, Inc. is the National Association of Industrial and Office Properties’ (NAIOP) 2007 National Developer of the Year. The buyer was Parkway Properties Office Fund LP of Jackson, Miss.
“The development had tremendous buyer appeal,” said Korth. “Its premier location and corporate image, combined with a strong leasing record of successfully attracting quality tenants, greatly enhanced the project’s value.”
Located on the northwest corner of Tatum Boulevard and Loop 101 Freeway, Desert Ridge Corporate Center is within the Desert Ridge master-planned community, which includes award-winning neighborhoods and amenities such as Desert Ridge Marketplace, JW Marriott Desert Ridge Resort and Spa and two championship golf courses. Situated on a 14.8-acre parcel, with an 85-year remaining ground lease, the project consists of the following:
·Desert Ridge Corporate Center I and II – Located at 20830 and 20860 N. Tatum Blvd., Corporate Center I and II are four-story, mirror-image office buildings totaling 274,958 square feet. The buildings have surface parking and share a parking garage. Completed in 2006 and 2007, the buildings were 79 and 98 percent leased at the time of sale, respectively. ·The Shops at Desert Ridge Corporate Center – Located at 4545 Irma Lane, The Shops at Desert Ridge Corporate Center is a 18,149-square-foot building that offers retail and restaurant amenities to the entire center. Constructed in 2007, the building was 92 percent leased at the time of sale.
Parkway Properties is a national properties operator that specializes in owning and operating high-quality, well-located, multi-tenanted office buildings. The company intends to finish the leasing and retain the assets as long-term investments.
About CB Richard Ellis
CB Richard Ellis Group, Inc. (NYSE:CBG), an S&P 500 company headquartered in Los Angeles, is the world’s largest commercial real estate services firm (in terms of 2006 revenue). With over 24,000 employees, the Company serves real estate owners, investors and occupiers through more than 300 offices worldwide (excluding affiliate and partner offices). CB Richard Ellis offers strategic advice and execution for property sales and leasing; corporate services; property, facilities and project management; mortgage banking; appraisal and valuation; development services; investment management; and research and consulting. In 2007, CB Richard Ellis was named one of the 50 “best in class” companies by BusinessWeek, and one of the 100 fastest growing companies by Fortune. Please visit our Web site at www.cbre.com.