The property caters towards professional office users in the densely populated market surrounding Camelback Corridor just a half-mile to the south and is located 1.5 miles from the Arizona Biltmore. James Butwin, a principal with C&C Acquisitions, tells GlobeSt.com the building's multi-tenant design, with offices ranging from 800 sf to 3,000 sf, make it ideal for small business users.
"The demographics in the area are very strong. There are a lot of people who will be able to rent these offices," Butwin says, noting the single- and two-story complex is currently 96% occupied.
Butwin says the building appealed to buyers not only because of its location, but because its $80 per sf costs was less than the $140 per sf replacement costs. Also, rents are under market at about $15 per sf.
The layout and tenant mix also provide a stable tenant base that will enable the building to be more recession-proof than some other high-profile buildings with less flexible layouts, he adds.
C&C Acquisitions currently owns two office buildings in Mesa, one in Peoria and a retail center in Awahtukee. The firm also is planning to construct two retail centers in Mesa and Scottsdale next year.
Want to continue reading?
Become a Free ALM Digital Reader.
Once you are an ALM Digital Member, you’ll receive:
- Breaking commercial real estate news and analysis, on-site and via our newsletters and custom alerts
- Educational webcasts, white papers, and ebooks from industry thought leaders
- Critical coverage of the property casualty insurance and financial advisory markets on our other ALM sites, PropertyCasualty360 and ThinkAdvisor
Already have an account? Sign In Now
*May exclude premium content© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.
