Everest Holdings


Everest Completes Sale of Tempe Commerce Park

September 24th, 2018 02:45:48 pm

Tempe – In the second part of a two-building acquisition within the Tempe Commerce Park, a company formed by VEREIT Inc. in New York City, N.Y. (NYSE:VER) paid $14,539,057 ($193.68 per foot) to acquire a 75,068-square-foot office structure located at 7419 S. Roosevelt Street in Tempe. The seller was Walton-EH Tempe Commerce JV VI LLC, formed by Chicago, Ill.-based Walton Street Capital LLC (Ira Schulman, et al., principals) and Everest Holdings in Scottsdale (Joe Blackbourn, principal). The sale was negotiated by Jim Fijan of Fijan Advisors in Phoenix, along with Will Mast of CBRE in Phoenix. The single-level structure is one of two back-office buildings totaling a combined 160,313 sq. ft. within Tempe Commerce Park that are leased to Consumer Cellular Inc. Maricopa County records show Cole OFC Tempe AZ LLC (VEREIT entity) acquired the second of the two structures in a cash transaction. Developed in 1998 and 1999 on a combined 12.88 acres, the back-office buildings are located near the northwest corner of Kyrene and Elliot roads within the five-building Tempe Commerce Park. In a sale that closed at year-end 2017 that was reported by BREW in early January, the VEREIT company paid $16.824 million ($197.36 per foot) to buy the other back-office. That structure, which totals 85,245 sq. ft., is directly north of the newly-acquired building at 7410 S. Roosevelt Street. Fijan and Mast also brokered that cash transaction. In May 2013, Walton/Everest paid $12.2 million ($76.10 per foot) to acquire the two Tempe buildings that have been resold for $31,363,057 ($195.64 per foot blended average). VEREIT (Glenn Rufrano, CEO) owns and manages $14.3 billion of assets in a portfolio of roughly 4,000 properties comprised of 94.6 million sq. ft. of single tenant commercial buildings in the U.S. Previously known as American Realty Capital Properties Inc. (NASDAQ:ARCP), in 2014 the predecessor to VEREIT acquired Cole Real Estate Investments Inc. of Phoenix. In 2015, American Realty Capital changed its name to VEREIT Inc. and began trading on the New York Stock Exchange. Get more from Tom Roberts, VEREIT chief investment officer, by calling (602) 778-6440. Talk to Blackbourn at (480) 383-8430. Reach Fijan at (602) 538-3338. Mast is at (602) 735-5555.


BREW 9/24/18

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