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3/20/15
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Heckethorn Towers LLC has purchased Security Title Plaza, a 219k sf office building in Phoenix, for $18 mil, or $82/sf. Built in 1983, the 12-story tower is located on 4.2 acres at 3636 N. Central Ave, at the southwest corner of Central and Weldon Ave in the city’s Midtown submarket.
Security Title Plaza is close to amenities such as neighboring Park Central Mall and within a short walk to a METRO Light Rail station. The office tower has a distinctive atrium lobby with a fountain and glass sculpture and an on-site café.
The building has a five-story parking structure with additional visitor parking, 18k sf efficient floor plates and expansive balconies in the tenant spaces overlooking Central Avenue and Phoenix. Security Title Plaza was 52.6% occupied at the time of sale.
DTZ’s Bob Buckley, Tracy Cartledge and Steve Lindley and Ben Geelan with the Capital Markets Group and Mark Stratz, Mike Beall, Scott Baumgarten and Chris Walker with the Office Group represented the seller, Investors Warranty of America Inc, a subsidiary of AEGON USA. The buyer is a unit of Reven Capital of La Jolla.
“The buyer was president of the company that sold Security Title Plaza for $38 mil in 2007,” noted Buckley. “It was a unique opportunity to buy the same building at less than 50% of its peak sales price. With all of the positive developments in Phoenix’s urban core since 2007, the strong potential for this asset to return to peak pricing in the future is significant, providing exceptional upside potential to the buyer.”
“We are continuing to see interest from buyers, developers and tenants along Central Avenue, especially in the Midtown and Uptown areas,” said Lindley. “The proximity to amenities, access to the METRO Light Rail and the growth with new residential and retail development are all attracting capital and tenants to this improving urban core.”
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