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6/16/22
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WG Group has acquired Foothills Corporate Centre I, a 110.4k sf, value-add office building in Phoenix. The price was not given out.
Located at 14415 S 50th St, Foothills Corporate Centre I is a single-story, 110.6k sf back office building offering excellent visibility and easy highway access. At the time of sale, the property was 64% leased to one tenant. The new owner plans to convert the property to flex/light industrial space to capture growing demand in that sector.
Situated immediately adjacent to the I-10 Fwy—one of Arizona’s most heavily trafficked thoroughfares—Foothills Corporate Centre benefits from excellent visibility, within view of approximately 206,000 vehicles on an average day. The property also presents easy access off of Ray Rd and the I-10 Fwy with prominent building and monument signage available on the I-10. The amenity-rich location offers an abundance of walkable and short-drive restaurants and retail.
Newmark’s CJ Osbrink and Scott Scharlach, along with Kevin Shannon represented the buyer and the seller, SDC Foothills Inc, a global investment manager. According to Osbrink, Foothills Corporate Centre’s existing infrastructure and clear heights coupled with a highly accessible location make it an ideal candidate for a flex conversion.
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