Original Article from the Business Real Estate Weekly of Arizona.
Phoenix – A venture formed by…Everest Holdings in Scottsdale (Joe Blackbourn, principal) paid $18.4 million ($126.98 per foot) to purchase 144,908 sq. ft. of office space in two buildings located at 14601-14605 S. 50th Street in Phoenix. The sellers were 24 tenant-in-common entities formed by Fort Properties Management Inc. in Los Angeles, Calif. (Duke Runnels, pres.). The deal was brokered by Brian Ackerman and Dan Postal of JLL in Phoenix. Maricopa County records show P8 Phoenix Foothills LLC (…Everest entity) acquired the asset in a cash transaction.
Everest Holdings will serve as asset manager and operator on the investment. The project, called Foothills Corporate Centre II, was 72 percent occupied at close of escrow. Dave Seeger of JLL in Phoenix has the leasing assignment.
In July 2007 after BREW reported Fort Properties paying $29.475 million ($203.40 per foot) to acquire Foothills Corporate Centre II, the company resold the asset to the 24 Fort Properties TIC entities (FPRO-1001 LLC through FPRO-1024 LLC). The 13.95-acre property was developed in 2000. Over the years, BREW has reported…the privately-held Everest Holdings has acquired numerous multi-family, hospitality, office projects and land parcels in the Valley.