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1/20/22
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Promenade at South Mountain, a 110.1k sf, multi-tenant office building in Phoenix, traded hands in a $16.6 mil ($150/sf) transaction. The buyer was MCS South Mountain LLC, an entity formed by M.C. Strauss Company in Solana Beach.
Originally constructed in the 1990s, the two-story, garden-style office property has recently undergone a significant renovation and repositioning. The property was 95% leased to 21 tenants at the time of sale.
The property features extensive collaborative common areas, including three central courtyards and two large two-story lobbies. The location is just a half-mile from Interstate 10 and within close proximity to Loop 202. The property’s centralized Phoenix location along the border of Tempe provides easy access to downtown Tempe, downtown Phoenix and Sky Harbor International Airport.
Mike Coover, Eric Wichterman, Tracy Cartledge, and Robert Buckley with Cushman & Wakefield in Phoenix represented the seller, Alpine Regional Center LLC, in the transaction. According to Coover, the seller spent several million dollars in capital improvements to modernize and transform the property. The renovation and repositioning program entailed exterior and interior upgrades, including resurfacing of the exterior.
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