Arizona office buildings, East Valley hotel sell; 6 other real estate deals to know

Arizona office buildings, East Valley hotel sell; 6 other real estate deals to know

Article Originally Posted by PhoenixBusinessJournal on September 1, 2022

More than 450,000 square feet of Arizona office buildings are now under new ownership. 

A consortium led by Thomas Rizk and Roger Thomas, the founders of Workspace Property Trust, have scooped up more than 50 office buildings across several markets in a more than $1 billion deal.

The Boca Raton, Florida-based commercial real estate company announced earlier this week that it closed on three office buildings in Arizona. El Segundo, California-based Griffin Realty Trust sold 53 office buildings across 41 locations in 14 metro regions to Workspace Property Trust, which totals about 8 million square feet, for $1.13 billion.

The three Arizona properties that traded hands include:

  • The 232,648-square-foot Cigna Campus in Phoenix, 25500/25600 Norterra Parkway.
  • The 131,850-square-foot Northgate Corporate Center in Phoenix, 2625 W. Grandview Road.
  • A 100,273-square-foot building at 3535 East Valencia Rd in Tucson

In an unrelated deal, the Gilbert DoubleTree has been acquired by a San Diego firm.

Pacific Orchid Holdings purchased the 121-room hotel for $27.25 million. At more than $212,000 per room, that is a record sale in southeast Phoenix, according to commercial real estate brokerage Colliers International. 

“The sellers built the DoubleTree in 2009 and it was always a very successful asset for them,” said Mike Montoya, associate vice president with Colliers in Arizona, in a statement. “They received a great offer that allowed them to shift focus to their upcoming developments.”

Montoya, Jon Grantham and James Meng with Colliers in Arizona handled the sale transaction. Power Hotel Group of Mesa was the seller of the hotel, which is located at 1800 S. San Tan Village Parkway.

This is Pacific Orchid Holdings' first acquisition in the Grand Canyon State, according to Colliers.

Mobile home park, apartment and land deals

Scottsdale-based HARRI5 Manufactured Housing & Commercial Brokerage negotiated the sale of a mobile home park and RV resort for a combined total of $115 million.

The William Corrigan family paid $80 million for the 1,230-space Sun Vista Resort in Yuma and turned around and sold the 180-space Pueblo Manor in Apache Junction for $35 million.