Cohen Equities, a New York City-based real estate investment and management firm, purchased the Corporate Center located at 10400 N. 25th Ave. in Phoenix.
The acquisition marks the firm's second deal within the submarket since November 2015.
Cohen Equities secured Corporate Center from CWSP-I-J, LLC, a company formed by Crown West Realty of Phoenix and owner of the property since 2007. Todd Noel, Keith Lambeth and Ryan Timpani with Colliers International in Greater Phoenix negotiated the $10.4 million off-market sale of the 109,322 square-foot office building on behalf of the seller, while Cohen Equities was represented by Darren Tappen and Peter Beauchamp of Kidder Mathews.
Built in 1997, the two-story Corporate Center is located along Interstate 17 in the heart of the Metrocenter submarket, adjacent to more than 2 million square feet of amenities. The building consists of 109,322 square-feet of office space, with flexible floorplates of approximately 55,000 square feet.
At time of sale, the building was at approximately 60 percent occupancy. Cohen Equities has engaged Keith Lambeth and Ryan Timpani of Colliers International to list the property for lease.
Over the course of the past year, Cohen Equities has been purchasing many high-quality office assets throughout the country. The firm acquired significant concentrations of properties in selected markets such as Metro Washington D.C. The greater Phoenix market has become one of the firm's favorite places to invest due to leasing demand and strong overall product quality.
"Cohen Equities is pleased to add Corporate Center to its roster of high-end office buildings," said Meir Cohen, the firm's principal. "We believe in the unique strength of the Phoenix market, and we're looking forward to continuing to acquire well-positioned assets throughout the region."
Cohen Equities previously acquired Northgate Business Center and Blackhawk Corporate Center in the Deer Valley submarket, which is also currently being marketed for lease by Colliers International.