{"id":1004120563,"date":"2015-05-29T08:47:18","date_gmt":"2015-05-29T16:47:18","guid":{"rendered":"https:\/\/www.commercialsearch.com\/news\/?p=1004120563"},"modified":"2022-12-08T16:39:24","modified_gmt":"2022-12-09T00:39:24","slug":"american-realty-advisors-sells-phoenix-officedata-center-property","status":"publish","type":"post","link":"https:\/\/www.commercialsearch.com\/news\/american-realty-advisors-sells-phoenix-officedata-center-property\/","title":{"rendered":"American Realty Advisors Sells Phoenix Office\/Data Center Property"},"content":{"rendered":"<p><em>By Barbra Murray, Contributing Editor<a href=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2015\/06\/3151-3202-W.-Behrend-Dr.-Phoenix.jpg\"><img loading=\"lazy\" decoding=\"async\" data-attachment-id=\"1004120565\" data-permalink=\"https:\/\/www.commercialsearch.com\/news\/american-realty-advisors-sells-phoenix-officedata-center-property\/3151-3202-w-behrend-dr-phoenix\/\" data-orig-file=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2015\/06\/3151-3202-W.-Behrend-Dr.-Phoenix.jpg\" data-orig-size=\"616,386\" data-comments-opened=\"1\" data-image-meta=\"{&quot;aperture&quot;:&quot;0&quot;,&quot;credit&quot;:&quot;&quot;,&quot;camera&quot;:&quot;&quot;,&quot;caption&quot;:&quot;&quot;,&quot;created_timestamp&quot;:&quot;0&quot;,&quot;copyright&quot;:&quot;&quot;,&quot;focal_length&quot;:&quot;0&quot;,&quot;iso&quot;:&quot;0&quot;,&quot;shutter_speed&quot;:&quot;0&quot;,&quot;title&quot;:&quot;&quot;,&quot;orientation&quot;:&quot;0&quot;}\" data-image-title=\"3151  3202 W. Behrend Dr. Phoenix\" data-image-description=\"\" data-image-caption=\"\" data-large-file=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2015\/06\/3151-3202-W.-Behrend-Dr.-Phoenix.jpg?w=616\" class=\"alignright size-medium wp-image-1004120565\" src=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2015\/06\/3151-3202-W.-Behrend-Dr.-Phoenix.jpg\" alt=\"3151  3202 W. Behrend Dr. Phoenix\" width=\"300\" height=\"188\" srcset=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2015\/06\/3151-3202-W.-Behrend-Dr.-Phoenix.jpg 616w, https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2015\/06\/3151-3202-W.-Behrend-Dr.-Phoenix.jpg?resize=300,188 300w\" sizes=\"auto, (max-width: 300px) 100vw, 300px\" \/><\/a><\/em><\/p>\n<p>Acting on behalf of a pension fund client, American Realty Advisors recently raked in $91.5 million on the disposition of a 513,400-square-foot office and data center property in Phoenix.\u00a0 American Realty sold the two-building property, fully occupied by American Express Travel Related Services Company Inc., to Griffin Capital Corp.<\/p>\n<p>Carrying the addresses of 3151 and 3202 West Behrend Dr., the approximately 15-year-old, low-rise office and data center complex occupies nearly 29 acres in Phoenix\u2019s Deer Valley submarket. The 213,400-square-foot, Class B office building at 3202 Behrend fetched $33.5 million, while the premier 300,000-square-foot data center at 3151 commanded $58 million.<\/p>\n<p>The key draw of the asset is its tenancy. American Express occupies both buildings in their entirety under a lease that is scheduled to expire in July 2023;\u00a0the lease agreement offers four five-year renewal options. \u201cThis asset was poised for strong investor interest, based on the long-term commitment to the property demonstrated by American Express,\u201d Stanley Iezman, CEO of American Reaty Advisors, noted in a prepared statement.. \u201cThis resulted in an attractive property with a stable rent roll to market to investment groups.\u201d<\/p>\n<p>The complex currently yields a total of approximately $5.8 million in annual base rent.<\/p>\n<p>Additionally, the data center segment of the property proved irresistible to hopeful buyers. \u201cSeveral major data centers are located in the Phoenix market, based primarily on the region\u2019s skilled workforce, affordable power, and low rate of natural disasters,\u201d Iezman added. \u201cThis particular data center competes on both a national and international level, making the asset even more attractive to investors.\u201d<\/p>\n<p>&nbsp;<\/p>\n<p>&nbsp;<\/p>\n","protected":false},"excerpt":{"rendered":"<p>American Realty Advisors recently raked in some dough on the disposition of a sizeable office and data center property in Phoenix.<\/p>\n","protected":false},"author":969,"featured_media":1004120565,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[21755,21783,21742,21747],"tags":[],"class_list":["post-1004120563","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-data-centers","category-investment","category-latest","category-office"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v23.4 (Yoast SEO v24.6) - 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