January 18, 2018
Scottsdale, Ariz. – Transwestern Investment Group (TIG®) today announces it has sold Lincoln Towne Centre on behalf of TSP Value and Income Fund I LP. The 226,358-square-foot office complex is at 4150 – 4250 N. Drinkwater Blvd. in Scottsdale, Arizona. Eastdil Secured represented the seller in the transaction.
Lincoln Towne Centre consists of two midrise, Class A office buildings in the vibrant 24/7 location of Downtown Scottsdale and was 92 percent leased at disposition. The property features an attractive 4.1 spaces per 1,000 square feet parking ratio, including unique four-story subterranean parking. The asset’s unique “wedding cake” design offers tenants expansive balconies and patios on upper floors providing unobstructed views of the Scottsdale area.
Originally constructed in 1999, TIG completed an extensive renovation and modernization of the asset in 2015, including a $1.5 million remodel of the building lobbies, subterranean common areas, and select corridors and restrooms. The resulting product delivers a best-in-class office experience to its diverse roster of tenants and contributed to the execution of over 160,000 square feet of leasing during the hold.
Transwestern provided management and leasing services for the property, led by Senior Vice Presidents Bill Zurek and Jim Achen.
The acquisition of Lincoln Towne Centre in February 2015 was the first asset acquired by TIG on behalf of TSP Value and Income Fund I LP.
ABOUT TRANSWESTERN INVESTMENT GROUP
Transwestern Investment Group (TIG®) is an investment adviser serving a broad range of investors through a diversified array of discretionary and non-discretionary investment vehicles. Our client-focused, relationship-driven approach ensures our priorities are our clients' investment objectives. With $4.3 billion of assets under management, trust, integrity and transparency are the cornerstones of our business. TIG provides tactical investment management with an integrated operating platform through the Transwestern family of companies, which includes a diversified real estate services firm with 35 U.S. offices and a development company. For more information, visit transwesterninvest.com.
This document does not constitute an offer, solicitation or recommendation to sell or an offer to buy any securities, investment products or investment advisory services. Any offer or solicitation will be made only pursuant to a confidential private placement memorandum and subscription documents (the “Offering Materials”) and will be subject to the terms and conditions contained in such Offering Materials.