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City Office acquires 2 Phoenix buildings for $101M

City Office REIT Inc. acquired two class A office buildings in Phoenix for $101 million.

The SanTan Corporate Center was picked up for $58.5 million from Columbia Property Trust Inc., which announced the sale Dec. 15.

SanTan, which comprises 266,531 square feet of space, is expected to generate an initial full-year net operating income yield of 7.7%.

5090 N. 40th St., which was acquired for $42.6 million and comprises 175,835 square feet, is expected to generate an initial full-year NOI yield of 7.1%.

The company added that it has also made progress on the pending $86.5 million sale of Washington Group Plaza in Boise, Idaho, to St. Luke's Health System Ltd.

St. Luke's has completed its due diligence review, waived certain closing conditions and made a $5 million nonrefundable deposit. The sale is expected to close with the maturity of the property's secured mortgage in April 2018.