213K-SF Grand at Papago Park Sells for $90M

Susquehanna Holdings Ltd. shook hands with partners Lincoln Property Co. and Goldman Sachs & Co. LLC to acquire the first phase of the Grand at Papago Park Center in Tempe, AZ. The Florida buyer paid $90 million for the 100%-leased, four-story building at 1011 W. Washington St., which opened in 2007.

Newmark Knight Frank’s C.J. Osbrink, Kevin Shannon, Alex Foshay, Paul Jones, Ken White, Brunson Howard and Rick Stumm represented the seller. The building is occupied by MUFG Union Bank and SAP America.

“Given the new, Class A construction, positive submarket fundamentals and credit tenancy with good term and below market rents, this opportunity yielded an incredibly competitive buyer pool and ultimately sold to a first-time buyer in Arizona,” Osbrink said.

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