Pacific Office Properties to Acquire 7 Office Buildings
- Apr 21, 2008
Pacific Office Properties Trust Inc. has announced its intention to acquire seven office buildings located in San Diego and Phoenix. The acquisition of these seven buildings would increase Pacific Office’s portfolio by approximately 17 percent from 2.4 million leasable square feet to 2.8 million leasable square feet. Six of the seven buildings for which the option was exercised are Class A/B+ office buildings containing 183,000 leasable square feet in prime San Diego submarkets. The remaining office property, Black Canyon Corporate Center, is a 220,200 square foot office building located in the Deer Valley submarket of Phoenix, Az. The Black Canyon complex stands on a 19-acre site, which could accommodate additional office development. Pacific Office was formed via the contribution of The Shidler Group’s Western U.S. office building portfolio and certain investment operations to a newly formed operating partnership of Arizona Land Income Corp. and the merger of Arizona Land with its wholly-owned subsidiary, Pacific Office Properties Trust Inc. Pacific Office Properties was the surviving entity in the merger. As part of the formation transactions, Pacific Office was granted the option to acquire certain properties that The Shidler Group may have acquired, or had under contract to acquire, prior to the consummation of the formation transactions.