|
|
2/18/15
|
Lincoln Town Centre, a 226.1k sf office building in Scottsdale, AZ, was acquired by Transwestern Investment Group on behalf of its TSP Value and Income Fund. Built in 1999, the property is located at 4150 N. Drinkwater Blvd, east of Scottsdale Rd and north of Indian School Rd.
The property is currently 96 percent leased with in-place rents approximately 30 percent below market in a downtown Scottsdale market that has a vacancy rate that is less than 10 percent. The business plan aims to retain tenants and roll rents up to market from pre-recessionary levels, as well as make moderate improvements to the aesthetics of the building lobbies and common areas. The institutionally owned asset has been well maintained, so limited capital expenditures are anticipated at the asset.
The seller was Equus Capital Partners LTD. Cushman & Wakefield brokered the transaction.
|
|
 Return to the Archive page
|
|
|
|
|
Printer-friendly Version
Email an Associate
