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.

Show Comments Hide Comments

Comments

Sign up for Inman’s Morning Headlines
What you need to know to start your day with all the latest industry developments
By submitting your email address, you agree to receive marketing emails from Inman.
Success!
Thank you for subscribing to Morning Headlines.
Back to top
Prepare for this fall with top agents & brokers at Connect Now this Tuesday.GET YOUR TICKET×
Limited time: Get 30 days of Inman Select for $5.SUBSCRIBE×
Log in
If you created your account with Google or Facebook
Don't have an account?
Forgot your password?
No Problem

Simply enter the email address you used to create your account and click "Reset Password". You will receive additional instructions via email.

Forgot your username? If so please contact customer support at (510) 658-9252

Password Reset Confirmation

Password Reset Instructions have been sent to

Subscribe to The Weekender
Get the week's leading headlines delivered straight to your inbox.
Top headlines from around the real estate industry. Breaking news as it happens.
15 stories covering tech, special reports, video and opinion.
Unique features from hacker profiles to portal watch and video interviews.
Unique features from hacker profiles to portal watch and video interviews.
It looks like you’re already a Select Member!
To subscribe to exclusive newsletters, visit your email preferences in the account settings.
Up-to-the-minute news and interviews in your inbox, ticket discounts for Inman events and more
1-Step CheckoutPay with a credit card
By continuing, you agree to Inman’s Terms of Use and Privacy Policy.

You will be charged . Your subscription will automatically renew for on . For more details on our payment terms and how to cancel, click here.

Interested in a group subscription?
Finish setting up your subscription