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6/02/26
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Fairmont Place, an 87k sf office property in Phoenix, recently traded hands for $11.5 mil, or $132/sf. The property, located 4001 N. 3rd St, between I-17 and Hwy 51.
The four-story, multi-tenant garden office building is currently 92% leased and has maintained occupancy levels between 90% and 100% over the past several years.
Eric Wichterman and Chris Toci of Cushman & Wakefield represented the seller, First & Center LLC, in the deal. The buyer was Albuquerque SNF LLC. According to Toci, boutique low-rise and mid-rise office buildings like Fairmount Place are a rarity in the Midtown submarket and are favored by the smaller tenants that make up the majority of Phoenix's office market.
"Fairmount Place is highly unique in that nearly all of the building's 31 office suites have recently been built out as spec suites," said Wichterman, Vice Chair. "Following its 2019 acquisition, the seller committed to delivering spec suites in batches rather than one-off, and the building's performance since dispels any doubt about the merits of that approach. Offering prospective tenants, a ready-made array of sizes and configurations drives a higher hit rate, rapid lease-up, and highly sustainable occupancy."
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