Texas-based funding agency Woodside has entered the Arizona market with the acquisition of Talavi Company Middle, a 153,332-square-foot workplace and medical workplace constructing in Glendale, Ariz. Regent Properties offered the asset for $9.3 million with Newmark illustration.
The asset beforehand traded in 2014, when Regent bought it for $9.6 million from U.S. Financial institution. The earlier proprietor, Daymark Realty Advisors, had defaulted on a $24 million CMBS mortgage, in keeping with the identical supply.
Accomplished in 2002 and renovated in 2014, the constructing options 51,826-square-foot floorplates and three passenger elevators, in addition to some 780 parking areas. The three-story workplace property was 74 p.c leased on the time of sale to 5 tenants, together with Cardiac Options, Progressive Leasing and RedFlex, CommercialEdge information reveals. The brand new proprietor intends to improve particular suites and different areas to draw new tenants.
The 11-acre property is at 5651 W. Talavi Blvd., near a number of eating and retail choices, together with Talavi Towne Middle and Gateway Village buying malls. Downtown Glendale is 7 miles away, whereas downtown Phoenix is a few 19 miles southeast. Phoenix Sky Harbor Worldwide Airport is inside 23 miles.
The Newmark staff which represented the vendor included Govt Managing Administrators Barry Gabel, Chris Marchildon and CJ Osbrink. Final 12 months, the trio represented LPC Desert West within the $72.1 million sale of a two-building workplace campus in Phoenix.
Phoenix’s workplace sector stays regular
Some 5.9 million sq. toes of workplace area traded in Phoenix within the first eleven months of final 12 months, for a mixed $948 million, in keeping with CommercialEdge analysis. The common value per sq. foot was $183.5, under the $192.8 nationwide determine.
In one of many priciest offers of that interval, Virtus Actual Property Capital paid $48.5 million for a 70,000-square-foot medical workplace constructing in Phoenix. The asset offered for a whopping $692.8 per sq. foot.
