Gilbert Tech, a three-building office property in Gilbert, Ariz., has been purchased for more than $13.7 million.
The property, located at 2288, 2290 and 2328 Guadalupe Road, contains approximately 80,000 leasable square feet and was occupied by the State of Arizona at the time of sale.
Houston, Texas-based Americus Real Estate Fund IV Ltd bought the asset from CSM Equities LLC, an affiliate of CSM Corp., which developed the project last year specifically for Arizona’s Department of Economic Security.
Americus was attracted to this opportunity because of the “long-term occupancy commitment of the Department of Economic Security,” according to a press statement.
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