Sunday, December 10, 2006

American Express Offices in Phoenix Sold for $91 Million

The Arizona Republic - December 8, 2006

Two office buildings in northwest Phoenix that house American Express operations have been sold to a Detroit-based pension fund for a combined $90.7 million.

The buildings are at 3151 and 3202 W. Behrend Drive, near the Loop 101 and Interstate 17 interchange. The buyer is the Police and Fire Retirement System of the city of Detroit, according to records filed at the Michigan Department of Labor & Economic Growth.

The sellers, IPC Phoenix Title LLC and TRC-W Phoenix Title LLC, share a Tulsa address. The companies are tied to Oklahoma-based Stan Johnson Co., which brokers single-tenant leased properties.

IPC sold the 300,000-square-foot, three-story class A office building at 3151 for $53.1 million. IPC originally bought the property at 3151 in July 2005 for $48 million, according to county records.

The 3202 building, known as Crosspoint at Beardsley, has more than 213,000 square feet of class A office space leased to American Express. TRC-W bought the building in July 2005 for $34 million then sold it to the Detroit corporation last month for $37.6 million. Sphere: Related Content

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