Madrona Acquisitions LLC bought the four-year-old, class B office building from local developer Vladimir Hulpach of Fountain Vista Properties, who headquarters in about 5,000 sf in the two-story building at 16872 Avenue of the Fountains. The 55%-leased building also holds offices for Chicago Title Co. and Century 21 Real Estate. The first floor is occupied by a local restaurant.
"The buyer sees the building as a great long-term hold," Steve Gonzalez, an investment broker with Marcus & Millichap, tells GlobeSt.com. "Their plan is to stabilize it." The average rental rate for the building is $17.87 per sf triple net.
"There was a lot of interest in this property because of its location, views and unique architecture," Gonzalez says. The building is situated right in the center of the Fountain Hills master-planned community with views of the lake, fountain and mountains. "The views are spectacular," he says.
Don Roberts of Tulsa, OK-based Property Co. of America represented Madrona Acquisitions in the sale. Gonzalez teamed with Marcus & Millichap's Jamie Medress to negotiate the buy side.
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