Shidler Group buys office tower in Arizona

Parking structure, retail space included in deal

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The Shidler Group has purchased the 31-story US Bank Center and supporting parking and retail space in downtown Phoenix. The total value of the transaction was approximately $66.3 million. Bankam LLC and 101 North First Parking LLC sold the property to Pacific Office Properties Trust/Shidler West Investment Partners L.P. The US Bank Center encompasses 371,727 square feet of office space at 101 North First Ave. Built in 1976 and renovated between 2001 and 2005, the building was more than 75 percent occupied at the time of sale. Major tenants include US Bank, Valley Metro Rail, ACS State & Local Solutions, Paragon Structural Design, and the law firm of Campbell, Yost, Clare & Norell. In addition to the office tower, The Shidler Group purchased an accompanying seven-level, aboveground parking garage with 943 parking stalls located at 21 W. Van Buren St., approximately one block from the Center. The garage features 12,765 square feet of retail space at the street level. This is the ...