The four-story building is located at 645 E. Missouri Ave. at its intersection with 7th Street. "They needed to close the sale before the end of the year and approached us about buying the property," says Ted Gibbons, president of Bellevue, WA-based Investment Realty Advisors Inc. who represented Missouri Falls LP in the transaction.
"The fact that we got this building under the radar screen was quite a coup," Gibbons says. "Phoenix has evolved from a second-tier investment market to a very desirable market for office investments and demand is very strong."
Gibbons tells GlobeSt.com that Missouri Falls, built in 1988, is 95% leased to credit tenants. Its lead tenant, CSK Auto Inc., parent company of Checker Auto Parts, fills 114,691 sf in a long-term lease that expires in 2014. Clear Channel Communications leases 26,161 sf while 21st Century Insurance occupies 8,375 sf.
"The buyer liked the credit tenant and the security and stability of the income stream," Gibbons says. In addition to the building, the sale included three levels of subterranean parking and an adjacent parking lot.
Gibbons says the Trump Group, which is not connected to Donald Trump in any way, provided financing for the buyer by carrying a note secured by the deed of trust. The seller was represented by Mark Gensheimer of Penn Florida Realty Corp. of Boca Raton, FL.
Continue Reading for Free
Register and gain access to:
- 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
© 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.
