Broadreach Capital Partners, in joint venture with The Hileman Co., has acquired Grace Court, an approximately 300,000-square-foot office complex in Phoenix, Ariz.
National Government Properties sold the asset for an undisclosed price.
Situated on nine acres, Grace Court is comprised of three existing buildings and two additional buildings currently under construction. Among the existing buildings is the historic Grace Court School. Originally built in 1911, the two-story, 33,000-square-foot building was recently renovated to accommodate an office user.
Grace Court is also entitled for an additional 300,000 square feet of office space and a parking garage, according to a press statement. The site encompasses an entire city block within downtown Phoenix with frontage on 7th Avenue, Van Buren Street, 9th Avenue and West Adams Street.