GLL Real Estate Partners, a Munich, Germany-based real estate fund management group, acquired the 226,358-square-foot Lincoln Towne Centre in Scottsdale, AZ from Transwestern for nearly $69 million, or approximately $305 per square foot.
The sale included two, five-story office buildings at 4150-4250 N. Drinkwater Blvd. that were built in 1999. The complex has a diversified tenant roster including Wounded Warrior Project, First Advantage and CNA National, among others.
Eastdil Secured represented the seller, Transwestern, who originally acquired Lincoln Towne Centre for $58.5 million in February 2015.
The asset was 92% occupied at the time of sale with leasing efforts handled exclusively by Cushman & Wakefield.
Please see CoStar COMPS #4090637 for more information on this transaction.