Tuesday, October 4, 2011

CBRE Investors pays $53.5 mil for operations hub

CB Richard Ellis Investors, a Los Angeles-based manager of real-estate investments, has purchased the Chase Sky Harbor Operations Center in Phoenix for $53.5 million, the company said Monday.

The operations center is a 396,000-square-foot building that serves as a regional headquarters, data center and security hub for the JPMorgan Chase network in the U.S.

CBRE Investors is an independently operated affiliate of CB Richard Ellis Group Inc., which brokered the transaction from its offices in Phoenix and Torrance, Calif.

The seller was New York-based Brookfield Real Estate Opportunity Fund, which acquired the property in 2007 as part of a 56-building portfolio from JPMorgan Chase.

New York-based JPMorgan Chase Bank NA built the operations center in 2003 and is leasing the building through October 2027, according to a news release from CBRE.

The building, at East Sky Harbor Circle South, is adjacent to Phoenix Sky Harbor International Airport.

The transaction was CBRE's third significant single-tenant, commercial-property sale in the metro Phoenix area in the past 30 days, following the sale of Phoenix corporate headquarters of retailer PetSmart for $102.5 million and the Fountainhead Office Plaza in Tempe for $137 million.

by J. Craig Anderson The Arizona Republic Oct. 4, 2011 12:00 AM

CBRE Investors pays $53.5 mil for operations hub

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