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2/08/24
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Elevate at Dunlap, a four-story, 93.7k sf single-tenant office building in Phoenix, was purchased by Maricopa County in an $11.3 mil ($120/sf) transaction. The center, located at 2233 West Dunlap Ave, was unoccupied at the time of sale.
Elevate at Dunlap was built in 1988 but underwent a multi-million-dollar renovation several years ago. The asset, which includes a two-story parking garage, is situated on over six acres, across from a light rail stop on Dunlap Ave. The location is also surrounded by several major office tenants along with the highly anticipated billion-dollar renovation of the former Metro Center Mall.
Michael Kitlica, Jerry Roberts and Pat Boyle with Cushman & Wakefield in Phoenix represented the seller, D23 LLC, an Arizona limited liability company, in the transaction. Keith Lammersen of JLL repped the buyer. According to Kitlica, the County is expected to have several hundred employees at the building.
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