ScanlanKemperBard Cos. Sells Phoenix Corporate Center for $62.5 Million

Business Wire,  August 10, 2007  

Tags: Phoenix Technologies

• E-mail
• Print
• Link

PORTLAND, Ore. -- ScanlanKemperBard Companies, the Portland, Ore.-based real estate merchant banking firm has sold Phoenix Corporate Center in Phoenix for $62.5 million. The asset consists of eight Class "A" office buildings totaling 440,859 square feet in a campus setting visible from Interstate 17.

Approximately 43 percent of the total square footage is housed in three buildings that are 100 percent leased. Tenants include I.C.E. Gallery, Hartford Insurance and GMAC. Overall occupancy is approximately 83 percent, providing a value-add opportunity for the new owner, a private investor from San Francisco.

"There is long-term upside to be had as leases expire," says Robert Scanlan, SKB chairman, founder and CEO. "In-place rents are significantly below market."

Completed in 1982, Phoenix Corporate Center is located on North 25th Avenue in the Metrocenter submarket. SKB acquired the asset in the fall of 2005 for $49 million. SKB then invested an additional $2 million in improvements to common areas and unit interiors.

"In addition, we subdivided the property so that each building sits on its own parcel, allowing the buyer the flexibility to sell individual buildings to reduce its cost basis or customize its business model," says SKB president Todd Gooding.

Phoenix Corporate Center was one of two assets in a portfolio SKB put together in 2005. SKB sold off the other asset earlier this year after meeting its return objectives. The other asset was an eight-building, 536,501-square-foot piece of Amberglen Business Center in Hillsboro, Ore., that SKB acquired for $54.82 million. The Amberglen buildings sold several weeks ago for $68 million.

About ScanlanKemperBard Companies

Founded in 1993, SKB acquires industrial, retail and office properties in the Western United States. For more information, photos or interviews, contact SKB principals Bob Scanlan or Todd Gooding at 503-220-2600 or visit http://www.skbcos.com.

This press release is not an offer to sell or the solicitation of an offer to buy any security.

COPYRIGHT 2007 Business Wire
COPYRIGHT 2008 Gale, Cengage Learning