CBRE arranges sale of Verizon portfolio.

CB Richard Ellis announced that is has completed the Phase I sale of Verizon's 25-asset, 2.3 million square feet multi-state portfolio for an undisclosed price.

Sixteen of the properties have transferred. The properties were purchased by GHP Office Purchasing LLC, an entity controlled by GHP Office Realty LLC and Benerofe Properties.

CBRE's Robert Alexander, co-chairman of the firm's New York Tri-State Region; Jeffrey Dunne, vice chairman; Joan Meixner, senior vice president; Jeffrey Oram, vice president; and Ramneek Rikhy, senior financial analyst; represented Verizon in the transaction and also procured the buyer. The team was also assisted by CBRE professionals in each of the markets the properties were located.

"Not only did we find a buyer who recognized the value of Verizon's portfolio, but we were also able to devise a flexible strategy that enabled Verizon to transition its operations from these facilities in a timely and effective manner," said Alexander.

Dunne stated, "The Verizon portfolio provides GHP a rare opportunity to own a critical mass of 'value-add' property throughout the country, most with short-term leasebacks from Verizon."

Phase I of the Verizon Portfolio consists of 16 properties totaling 1.67 million square feet .--12 office buildings, three industrial buildings and a 8.35-acre parcel--located in eight states across the U.S., including California, Florida, Indiana, Iowa, Maryland, Massachusetts, New York and Texas

The portfolio features a diverse group of facilities in various states and markets that provide a unique blend of near-term in-place income and value-add potential.

The properties are all well-located and in close proximity to their respective market's major highway systems, many benefiting from direct access to mass transit including local and regional airports.