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The Summit 2 biens • Bureau • Phoenix, AZ
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Faits saillants de l'investissement
- INSTITUTIONAL-QUALITY OFFICE CAMPUS WITH SIGNIFICANT VALUE-ADD OPPORTUNITY
- LARGE, EFFICIENT FLOOR PLATES WITH INSTITUTIONAL INFRASTRUCTURE
- SIGNIFICANT RENTAL UPSIDE SUPPORTED BY SUBMARKET FUNDAMENTALS
- EXISTING CREDITWORTHY TENANCY WITH MEANINGFUL TENANT INVESTMENT
- AMPLE PARKING AND CAMPUS ENVIRONMENT
- RARE INFILL LAND COMPONENT SUPPORTING FUTURE DEVELOPMENT
Résumé de l'annonce
Newmark, as exclusive advisor, is pleased to present the opportunity to acquire the fee simple interest in The Summit (the “Property”), a ±290,904 square foot, two-building office campus situated on approximately ±14.8 acres along the highly desirable Piestewa Peak Corridor in Phoenix, adjacent to the Camelback Corridor.? Comprised of 7720 N 16th Street (±163,393 SF) and 7740 N 16th Street (±127,511 SF), the Property offers institutional quality construction, large efficient floor plates, two, two-level parking structures, and immediate access to one of the Valley’s most connected freeway corridors via a full diamond interchange at Northern Avenue and SR-51, less than one mile to the north of the Property.? Currently 31% leased with ±5.0 years of weighted average lease term, The Summit presents a compelling value-add opportunity supported by existing in-place rents that are 14% below market, providing clear mark-to-market upside.?
In addition, the Property’s nearly ±14.8-acre infill land position, with a parcel split currently submitted to the City of Phoenix creating two independently titled parcels, anticipated to significantly reduce property taxes, moreover, creating significant optionality, allowing investors to pursue a traditional office lease-up, partial campus monetization, or future redevelopment strategy in one of Phoenix’s most supply-constrained and evolving submarkets.?
In addition, the Property’s nearly ±14.8-acre infill land position, with a parcel split currently submitted to the City of Phoenix creating two independently titled parcels, anticipated to significantly reduce property taxes, moreover, creating significant optionality, allowing investors to pursue a traditional office lease-up, partial campus monetization, or future redevelopment strategy in one of Phoenix’s most supply-constrained and evolving submarkets.?
Faits sur la propriété
| Type de vente | Investissement | Individuellement en vente | 0 |
| Statut | Actif | Taille totale du bâtiment | 291 253 pi² |
| Nombre de propriétés | 2 | Superficie totale du terrain | 22,32 AC |
| Type de vente | Investissement |
| Statut | Actif |
| Nombre de propriétés | 2 |
| Individuellement en vente | 0 |
| Taille totale du bâtiment | 291 253 pi² |
| Superficie totale du terrain | 22,32 AC |
Propriétés
| Nom de la propriété/adresse | Type de propriété | Taille | Année de construction | Prix individuel |
|---|---|---|---|---|
| 7720 N 16th St, Phoenix, AZ 85020 | Bureau | 166 177 pi² | 1999 | - |
|
The Summit
7740 N 16th St, Phoenix, AZ 85020 |
Bureau | 125 076 pi² | 1999 | - |
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The Summit
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