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2/09/26
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A Canadian investor has purchased Thirty 03, a 26-story, Class A multi-tenant high-rise office building in Phoenix, in a $32.25 mil transaction. The 458k sf ($70/sf) structure, located at 3003 North Central Ave, was sold by Balfour Pacific of Vancouver, Canada.
Originally constructed as one of Metro Phoenix’s first institutional high-rise office properties, Thirty 03 has undergone nearly $11 mil in transformative capital improvements. A comprehensive capital plan was implemented beginning in 2019, encompassing extensive lobby upgrades, full elevator modernization and speculative suites. At the time of sale, the building was 81% leased to a diverse mix of tenants spanning legal, healthcare, architectural, banking, government and professional services sectors.
Positioned within the urban core of Midtown Phoenix, Thirty 03 is widely considered one of the “top-tier” office buildings in the submarket, as evidenced by its submarket-leading occupancy. The Midtown submarket continues to undergo major revitalization, anchored by the $1 bil redevelopment of Park Central Mall, Creighton University’s new $80 mil medical campus, and complemented by a wide variety of new restaurants, nightlife and residential developments in the immediate area.
The property benefits from being in one of the top transit-oriented, easy-to-access, live-work-play locations in all of Metro Phoenix. This is demonstrated by its high Walk Score rating and the more than 10,000 multifamily units constructed within a three-mile radius over the last five years. Thirty 03 is located steps away from the Valley Metro Rail stop at Central Avenue & Thomas Road, providing immediate access to amenities in Uptown, Downtown, NW Phoenix and Tempe via a short light rail ride.
Newmark Executive Managing Directors Barry Gabel, Chris Marchildon and CJ Osbrink represented the seller in the deal.
“Thirty 03 is a fully renovated, pride-of-ownership tower in the heart of Midtown Phoenix,” said Osbrink. “With strong leasing momentum and an exceptional mix of walkable amenities, the property is positioned to benefit from continued rent appreciation and deepening tenant demand. As Phoenix demonstrates resilient economic fundamentals and encouraging signs of office-market recovery, this acquisition offers new ownership a compelling platform for long-term value creation.”
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