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Phoenix Office Property Sells for $5.2 Mil

6/11/14

A Scottsdale, AZ-based private investment entity has purchased Northbank Office Building, a two-story, 31.2k sf suburban office building in Phoenix, for $5.2 mil ($167/sf). The multi-tenant property, located at 5110 North 40th St, was sold by ViaWest Group, who bought the asset in 2005 for $4.3 mil.

Built in 1983, the property was completely renovated in 2005, with additional upgrades in 2013. It is part of the master-planned Northbank Office Park, which is comprised of eight high-quality office buildings.

Steve Lindley, Bob Buckley and Tracy Cartledge with Cassidy Turley’s Capital Markets Group negotiated the sale transaction. Northbank Office Building was 94.2% leased at the time of sale, with 15 of 17 suites occupied.

“The property boasts an exceptional leasing history with average occupancy of 90.6% over the past 15 years, including 11 quarters at 100% occupied,” noted Steven Schwarz of ViaWest Group.

With multiple enhancements and upgrades over the past 30 years, the property includes a large open lobby with striking finishes, including new flooring and energy efficient lighting. The façade and landscaping of Northbank Office Building were both updated during the recent renovations. The property sits on a two-acre site with 17 office suites averaging 1.8k sf in size, creating a desirable configuration for private tenants.

Northbank Office Building is located in the heart of the Camelback Corridor office submarket with an abundance of amenities within minutes of the property. It offers convenient access to multiple freeways, Sky Harbor International Airport, and high-end employment base.





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