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11/02/18
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G2 Capital closed on a two-building, 136k sf office buy in Phoenix for $10.9 mil ($80/sf). The buildings, located at 3925 – 3945 E. Broadway Rd, were sold by Glasir Capital Partners just 30 days after they purchased the property from RBR Capital.
The transaction consists of two, two-story office buildings at the intersection of 40th St and Broadway Rd, just west of Cotton Center. The 3945 building is fully leased to a long-term credit tenant that has been in place since 2001. The 3925 building is 50% leased to the State of Arizona, which has been a tenant since 2016.
The property is one block from I-10, providing easy access to the Loop 101, Loop 202 and State Route 51. It is also five minutes from Sky Harbor International Airport, Arizona State University and downtown Tempe. The buildings offer a high 7/1,000 parking ratio and sit directly across the street from the Cotton Center master-planned business park, which has attracted some of the largest tenants in the country.
“We plan to renovate a 37k sf speculative suite to be move-in-ready by January,” said G2 Capital Managing Director James Greaves. “When complete, it will provide a rare block of modern, contiguous office space in the center of metro Phoenix, at a time of historically high tenant demand.”
JLL’s Brian Ackerman represented G2 Capital in the property purchase. G2 has awarded the property leasing assignment to JLL’s Karsten Peterson, Dave Seeger and Mark Gustin.
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