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Oklahoma Investor Puts Up $5M for Class B Building

FOUNTAIN HILLS, AZ-Madrona Acquisitions takes control of the 31,442-sf Fountain Oasis for $4.5 million in a sale/leaseback with developer, Fountain Vista Properties. The buyer's first deed in Phoenix is a four-year-old office building with a 55% occupancy.

By Jennifer D. Duell | Updated on February 03, 2005

FOUNTAIN HILLS, AZ-An investment group from Tulsa, OK has made its first purchase in the Phoenix metropolitan area, dropping $4.5 million for the 31,442-sf Fountain Oasis in a sale/leaseback with the developer.

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.

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