March 2, 2022
SVN Completes Four NNN Office Investment Sales for $6.775mm
PHOENIX, March, 2022 –SVN Desert Commercial Advisors kicks off 2022 with the sales of four stabilized investment office properties throughout the Valley in Tempe, Mesa, Scottsdale, and Phoenix. Each transaction featured long term leases with quality medical and general office tenants in place. The four deals totaled $6,775,000 in sales volume with an average CAP rate just above 6.00%.
- Warner Century Plaza | 2133 E. Warner Rd., Suite 126 | Tempe, AZ 85284 sold for $985,000
- Court at the Commons | 2812 N. Norwalk, Suite 119 | Mesa, AZ 85215 sold for $640,000
- Hayden Park | 10607 N. Hayden Rd., Building F | Scottsdale, AZ 85260 sold for $4,000,000
- Foothills Professional Village | 16515 S. 40th St. #103-104 | Phoenix, AZ 85048 sold for $1,150,000
Warner Century Plaza, Court at the Commons, and Hayden Park were all sale-leasebacks and closed in 30 days or less for the full asking price with all cash buyers. The fourth property, Foothills Professional Village was a 1031 Exchange.
Justin Horwitz, Richard Lewis, and Paul Borgesen of SVN Desert Commercial Advisors negotiated the transactions and expect this trend in the suburban office markets to continue for the foreseeable future. “The demand for ‘bite-size’ stabilized investment properties is through the roof and the truth is that there is not a ton of inventory at the moment. These opportunities are consistently driving high levels of interest, multiple offers, oftentimes a competitive bidding environment, and cash buyers willing to move quickly to closing. This bodes extremely well for owners of stabilized buildings and certainly for those users in a position to contemplate a sale leaseback”, stated Horwitz.
SVN | Desert Commercial Advisors is a full-service commercial real estate services firm providing comprehensive expertise in investment brokerage, leasing, landlord/tenant representation, analysis/valuation and market research. We specialize in multifamily, industrial, retail, office, medical/dental, restaurant, and land/development. Visit our website at www.SVNDesertCommercial.com for more information.
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