TIC investors acquire Phoenix buildings, land

ICP Real Estate recently sold a three-building office complex and undeveloped land in Phoenix, Ariz., to a group of tenant-in-common investors for an undisclosed price.

The property, Townley Business Park, comprises nearly 176,000 square feet near the intersection of 23rd Avenue and Dunlap Road. The 1.34-acre parcel of land is located on-site.

The property offers a parking supply of 509 parking spaces, including 30 covered spaces, for a ratio of 4.18 spaces per 1,000 square feet.

At the time of sale, Townley Business Park was 80 percent leased to a variety of national and regional companies specializing in industries such as insurance, healthcare and real estate.

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