CPA:17 - Global, one of WP Carey’s publicly-held non-traded REIT affiliates, has acquired an office building in Tempe, Arizona leased to Avnet.
The facility serves as the global headquarters of Avnet's technology solutions group.
The USD23m property is leased for ten years to Avnet, a Fortune 500 company, and one of the largest distributors of electronic components, computer products and embedded technology serving customers globally.
The 132,070 square foot property is located on a nine acre site within the Arizona State University Research Park in Tempe, the best performing major submarket of Phoenix.
WP Carey executive director, Kathleen Barthmaier, says: "The facility is a high quality, critical asset leased to a Fortune 500 company located in one of the most desirable office parks in Tempe. The acquisition allowed us to provide liquidity to the current owners while adding a solid income generating property to CPA:17 - Global's portfolio.
"The Avnet facility is strategically located at the centre of Arizona's high tech community in the ASU Research Park off of the Price Boulevard/Loop 101 Freeway. Proximate to Arizona State University, downtown Phoenix and Sky Harbor International Airport, the location has unparalleled access to the fastest growing portion of Metropolitan Phoenix."