PHOENIX—Avison Young has completed the sale of Corporate Center at Southbank, a class A office building totaling 72,000 square feet in Phoenix. The terms of the deal were not disclosed.
Avison Young principals Dan Vittone and Alan Pekarcik, based in the company's Irvine, CA office, represented the buyer, HB University Drive, LLC, a partnership of New York-based HighBrook Investment Management, LP and San Diego-based Cypress Office Properties, LLC. The seller, SBCC, LLC was represented by CBRE. The building was acquired on an off-market basis.
Built in 1989, the three-story building is located at 3410 E. University Dr. and features a two-story lobby with stone flooring and high-end finishes, landscaped entry and balcony suites. Situated across the street from five hotels, the property is immediately off Interstate 10 at University Drive, and is 1.5 miles from Sky Harbor International Airport and approximately four miles from downtown Phoenix and Tempe. The property is leased to three tenants occupying approximately 22% of the rentable area.
HighBrook and Cypress plan to perform several cosmetic upgrades to the interior and exterior of the building. This strategy is expected to strengthen the building's position within the submarket and improve tenant retention and new leasing efforts.
HighBrook and Cypress also recently purchased the Foothills Gateway Corporate Center, a 68,000-sf class A multi-tenant office building in Chandler. The property was 45% leased at close of escrow. The partnership has completed a comprehensive renovation of the building as well as the construction of multiple new lease-ready speculative office suites. Numerous new leases have already been secured.
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