Canadian firm Artis Real Estate Investment Trust has acquired the newly constructed FBI Regional HQ building at 21711 N. 7th St. in Phoenix, AZ for $75 million, or about $357 per square foot, from Ryan Companies US, Inc.
The three-story office building
consists of 210,202 rentable square feet situated on a 12.3-acre parcel in the Deer Valley / Airport submarket of Maricopa County. Construction was completed January 2012 by developer and seller, Minneapolis, MN-based Ryan Companies.
Artis reportedly had the property in contract for several months prior to completion. The government lease in place has a term of 20 years and will reportedly yield the new owners an initial cap rate of 7.5 percent.
Thomas Holtz with CBRE in Minneapolis represented the seller, and procured the buyer in the deal.
For additional information about this transaction, please refer to CoStar COMPS #2284527.