Phoenix Portfolio of properties for Sale - Piestewa Peak Corridor
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.?
