PHOENIX-Boxer Property has made its first acquisition in Phoenix, paying $5.4 million for Lakeside Center, a two-building office property in the northwestern part of the city. The Houston-based investor bought the 152,600-square-foot, class B asset out of receivership from Trident Pacific Real Estate Group.
Boxer has been actively acquiring class B office properties with leasing upside. In 2010, for example, the firm bringing purchased 14 properties totaling 3 million square feet – its busiest buying year.
Lakeside Center is similar to Boxer’s recent acquisitions. Situated on 8.5 acres at 11223 and 11225 N 28th Dr., the office property was roughly 50% leased at the time of sale, according to the investment sales team with Cassidy Turley/BRE Commercial that marketed the deal. The team included: Eric Wichterman, Mike Coover, Bob Buckley, Tracy Cartledge, Steve Lindley, Gordon Raguse and Tom Jacobs.
Lakeside Center was listed for $7.5 million, or $49 per square foot – a significant discount to replacement cost. Built in 1982, it features a park-like setting on a lake front parcel near Interstate 17. Metrocenter Mall and multiple surrounding retail centers are located less than a quarter of mile from the property.
Many of the vacant suites in Lakeside Center are “move-in ready” and require no tenant improvements.
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.
