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 second major purchase by The Shidler Group in downtown Phoenix within the last year. In August 2005, the firm bought a portfolio of assets that included the high-profile City Square commercial development, a landmark in the Central Avenue corridor.
The Shidler Group is a national real estate organization that actively acquires commercial real estate throughout Texas, Arizona, Hawaii and Southern California.