176K-SF Avnet HQ Sells to a Cole REIT

Cole Office & Industrial REIT (CCIT II) Inc. acquired the 176,402-square-foot corporate headquarters of Avnet Inc. at 221 S. 47th St., in Phoenix. The Phoenix-based REIT paid Lexington Realty Trust of NY $32 million for the asset, according to public records.

Mindy Korth and Kirk Kuller with Colliers International negotiated the transaction on behalf of the seller. Lexington acquired the asset soon after it delivered in 1997, Korth said. “We are very pleased that CCIT II added the headquarters to its portfolio, once the seller was ready to divest of this mission-critical property,” she added.

The Avnet Global Headquarters building is on 11.3 acres, and has a solar array on the building and parking structures. The array provides approximately one megawatt of power to the facility.

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