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In another airport submarket deal—this one office space—Cole Office & Industrial REIT of Phoenix acquired the 176k SF 2211 South 47th St for $32M from Lexington Realty Trust. Tech company Avnet Inc has had its global HQ in the building for nearly 20 years. “The property provided an opportunity to acquire a global corporate headquarters with a long-term, investment-grade tenant,” says Colliers International EVP Mindy Korth, who faciliated the deal with colleague Kirk Kuller.
The building is within the Phoenix Airport Center, an 85-acre business park at University Drive and State Route 143. Developed in 1997, Avnet's HQ is on more than 11 acres and features a solar array on the building and parking structures that provide about 1Mg of power to the facility.
