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Transactions - DECEMBER 5, 2019

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Sumitomo Corp. buys second 2019 U.S. office asset

by Andrea Zander

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 i

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