Vulcan Enters Phoenix Market Via $35M Acquisition
- Jun 17, 2010
June 17, 2010
By Allison Landa, News Editor
Vulcan Real Estate has landed in Phoenix. With the $35 million purchase of the Tempe Gateway office building, the real estate investment firm has spread its wings beyond the Seattle market.
“This signals a major milestone for Vulcan Real Estate,” vice president of real estate Ada Healey said when announcing the news. “The Phoenix-area real estate market is poised for a recovery, and now is a good time to buy quality buildings in desirable locations.”
The eight-story, 260,000-square-foot Tempe Gateway building was completed in 2009 and developed by Opus West. It includes ground-floor retail space and a new parking structure with more than 1,000 spaces, as well as 30,000-square-foot floor plates for a range of tenants.
CBRE brokers for the deal include Jim Fijan, Jerry Roberts and Corey Hawley.
Meanwhile, Vulcan is continuing to spearhead a major project in Seattle’s South Lake Union neighborhood: the redevelopment of nearly 60 acres. The company’s portfolio comprises more than $2 billion in assets, including 3.7 million square feet of Class A office space; 600,000 square feet of life sciences research space, 400,000 square feet of street-level retail amenities, 600 rental apartments and nearly 500 condominiums.