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Charitable Foundation Spends $10.5 Mil on Flex Building in Phoenix

7/29/20

A 101.9k sf, flex building located in Southbank Business Park in Phoenix was acquired by a private charitable foundation in a recent $10.55 mil ($103.50/sf) transaction. At time of sale, two fortune 500 companies occupy nearly half of the property. The remaining 55.1k sf of space will be marketed for lease by the new owner.

Situated on 7.96 acres at 3930 East Watkins St, Southbank Business Park’s central Phoenix location provides easy access to the entire metro area. The property is adjacent and visible to Phoenix Sky Harbor International Airport and minutes from Downtown Tempe and ASU, which provides multiple amenities, including hotels, restaurants, parks and fitness.

The property’s central Phoenix location places it within an eight-hour drive to international ports in both California and Mexico. 3930 East Watkins St features 24-foot clear heights, wide column spacing, multiple loading positions and ample parking.

JLL represented the buyer, a private charitable foundation that purchased the asset. Additionally, the buyer hired JLL’s leasing team to market the available 55,139-square-foot contiguous suite.

Brian Ackerman with JLL Capital Markets represented the buyer in the deal. Steve Larsen, also with JLL, is tasked with marketing the available space on behalf of the new owner.

“The buyer was attracted to this location because of the superior quality of construction, the institutional tenants that lease space at the property and the proximity to the airport,” Ackerman said. “The property is also easily accessible to all parts of metro Phoenix.”






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