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5/27/21
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Regent Properties has obtained a $61.7 mil refi on Elevate 24, a 323.3k sf, Class A office property in Phoenix. Elevate 24, located at 4722-4742 N. 24th St, is one of several of Regent Properties’ holdings in the Phoenix market and signalizes their ongoing confidence in the continuous growth and expansion of the regional office sector with new corporate users.
CBRE’s Bruce Francis, Dana Summers, Shaun Moothart, Robert Ybarra, Doug Birrell and Tim Bokinsky facilitated the non-recourse bridge loan.
Phoenix office net absorption in the first quarter was the third lowest in history with the vacancy rate climbing to 19.1%, according to CBRE research. Under construction space in the region totals 1.7 msf, 21.9% of which is pre-leased. Full-service gross asking lease rate decreased slightly to $28.07, the second highest ever recorded.
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