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Deer Valley Office Park
Phoenix, Arizona
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| Description:
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The property is institutional quality
and is located in the fast growing North Phoenix / Deer
Valley submarket on 19th Avenue, immediately adjacent
to the 101 Loop Freeway. |
| Size:
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Two building, two-story, suburban office
property totaling 175,209 s.f. located in the Deer Valley
submarket of Phoenix Arizona. |
| Purchase
Price: |
$34,600,000 or $197 psf. The property
occupies 10.60 acres. |
| Deal
Attraction: |
High profile image, superior location
with strong tenants and minimal short term lease rollover.
Also, high quality tenant base (United Technical Institute,
TATA America, H & R Block), and attractive in-place fixed
rate financing.
Finally, property was acquired at 20% discount to current
replacement cost. Potential significant value to the property
in the short term is provided by in-place rents of approximately
$20.00 psf, while market rates average $24 - $26 psf,
plus the property also contains additional development
potential. |
| Business
Plan: |
Maintain current high level of occupancy
while rolling existing rents to market levels. Following
the stabilization of rents at market levels, property
will be sold or refinanced based upon prevailing investment
market conditions. |
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