GILBERT, AZ-Omninet Capital LLC has acquired two foreclosed buildings totaling 127,128 square feet situated in Inverness Commons, a 130-acre, master-planned business park in the Southeast Valley. The Beverly Hills, CA-based investor, which owns three other properties in the Phoenix metro area, paid $6.5 million for the class B assets.
The seller was 5416 East Baseline Road Holdings LLC of Bethesda, MD, a limited liability company managed by special servicer CWCapital Asset Management. The previous owner, International Capital Partners, paid more than $17 million for the properties when it acquired them roughly five years ago, according to Mindy Korth, a broker in CBRE’s local office. She and Barry Gabel marketed the properties on behalf of the seller.
The first building, a 62,229-square-foot, single-story, multi-tenant back office building, is located at 5222 E. Baseline Rd. Built in 1999, the property features 18-foot clear height and ample parking for tenants including a number of covered stalls. The property was 60% leased at the time of sale.
The second property, a 64,899-square-foot, two-story, multi-tenant office building, is located at 5416 E. Baseline Rd. Everest College Phoenix-Mesa campus occupies the majority of the building’s second floor. Built in 2001, the property was 57% occupied at the time of sale.
Korth tells GlobeSt.com that Omninet’s newest acquisitions benefit from location near US 60 Freeway and Higley Road. The area has emerged as a major medical services and employment hub for the Southeast Valley with three major medical facilities nearby: Banner Gateway Medical Center campus, the future Banner MD Anderson Cancer Care Center, which will open this fall, and Arizona Health & Technology Park, home of A.T. Still Medical University.
Korth notes that the buildings can accommodate specialty medical uses as well as traditional back office uses. She predicts they will attract a number of medical and healthcare vendors. “These assets have great potential to appreciate through leasing the vacant space,” she concludes.
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