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With the acquisition of 600 Third Avenue in 1982, a 42-story Manhattan high-rise, Sumitomo Corporation of Americas (SCOA) entered the U.S. commercial real estate market. In 1998, the company expanded its reach into residential real estate by investing in single and multi-family homes within Phoenix, Denver, Dallas, Austin and Atlanta.
Fast forward to the close of 2019, SCOA Real Estate Group announced its purchase of the Collier Center, a 2.8-acre commercial complex located in downtown Phoenix, Arizona. This was SCOA’s second commercial real estate investment of 2019, having acquired SPS Tower in Minneapolis in February.
No stranger to the Phoenix real estate market, SCOA has previously owned the Phelps-Dodge Tower, a high-rise office building the company divested in 2008, and is a developer of several residential properties within the area.
The 24-story property features over 578,000 square feet of rentable space, including a variety of restaurants and bars plus a 3-level underground parking garage. The property is within short walking distance of Phoenix’s light-rail and bus lines, and just minutes from the downtown area’s major highways. Collier Center is currently at 84% occupancy with Bank of America and Uber among its largest tenants.
“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 Sumitomo Corporation of Americas. “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.”
Phoenix is an economic hub of the United States’ southwestern region. With unemployment rates steadily dropping over the past few years, Phoenix’s population is surging with an influx of job opportunities. The state is home to Grand Canyon National Park, Arizona State University and the University of Arizona, all of which are significant contributors to the city’s economy and provide a direct pipeline of high-quality labor.
Known for its mild winters and hot summers, Arizona borders California, Utah, Nevada, and Mexico and touts unparalleled ‘tex-mex’ cuisine. The landscape oscillates between mountainous peaks and desert terrain. Bolstered by ever-expanding business enterprises, a diverse demographic of residents and a concentration of retirement communities, Phoenix has emerged as a center for economic development.
With this new acquisition, Sumitomo Corporation of Americas owns a commercial real estate portfolio
totaling over $425 million to date, containing more than 1.6 million square feet of commercial space. The company intends to continue its strategy investing in high-potential growth cities such as Seattle, Denver, and Austin.