Sumitomo Corporation of Americas (SCOA) has purchased Collier Center, a 2.8-acre commercial complex located in downtown Phoenix.
“We are very excited to add Collier Center to our growing portfolio of commercial real estate investments throughout the United States,” said Yurika Sugimoto, manager in the commercial real estate unit at SCOA. “We see Phoenix as a city with tremendous growth capacity over the next several years, and we look forward to supporting this property and its tenants to enhance these relationships and provide top-level service through our trusted property management partner, Transwestern.”
The sales price was not disclosed.
This is SCOA’s second commercial real estate investment this year, having acquired SPS Tower in Minneapolis this past February.
The 24-story property features over 578,000 square feet of rentable space, including a variety of restaurants and bars plus a three-level underground parking garage. The property is within short walking distance of Phoenix's light rail trains and bus lines, and just minutes from the downtown area's major highways. Collier Center is currently at 84 percent occupancy with Bank of America and Uber among its largest tenants.
With this new acquisition, SCOA owns a commercial real estate portfolio totaling over $425 million to date with over 1.6 million square feet of commercial space. The company intends to continue its strategy investing in high-potential growth areas such as Phoenix, Seattle, Denver and Austin.
Phoenix is an economic hub of the United States’ southwestern region. With unemployment rates steadily dropping over the past few years, the city’s population is surging with the influx of job opportunity.
