According to CoStar real estate reports, Bill Pauls, chairman of Aurora, Colo.-based The Pauls Corp., has sold the two-building signature property located between Central Avenue and First Avenue, Washington and Monroe streets, for almost $273 million. That would make it the second biggest commercial transaction of the year in the Valley.
The buyer is Hines-Sumisei US Core Office Fund LP, showing an address in Los Angeles. The owner of the fund, however, is The Hines Co., a Houston-based real estate investment firm and developer with interests throughout the U.S. and internationally.
A contract was signed Nov. 15, but the deal remains in escrow. According to transaction notes, if the buyer cancels, it will forfeit $10 million in earnest money.
Pauls Corp. purchased the 963,000-square-foot Renaissance Square twin towers in September 2005. Reports then said the Colorado firm paid $120 million.
Pauls once owned the Denver Tech Center, a major Denver employment center on the southeast side of town. He is now developing the 1,300-acre Gateway Park business center near Denver International Airport. It doesn't appear that the Pauls Corp. has any other holdings in Arizona.
Renaissance Square was built in 1987 and 1988. It has 1,050 underground parking spaces.
Real Estate Designers offers totally innovative solutions for your software development, Internet programming, real estate web design and hosting needs. Our service includes domain name registration and real estate web design. Real Estate Designers provides the complete solution including design, application development and marketing.
source: bizjournals.com
No comments:
Post a Comment