PHOENIX—Shari Stults, vice president/mortgage banker at NorthMarq Capital's Phoenix based regional office, secured $10.5 million in acquisition financing for Palm Valley Office Park I & II, located at 1616 & 1646 N. Litchfield Rd. in Goodyear. These two class A office buildings contain a combined 83,971 square feet. The transaction was structured with a 5-year term and 30-year amortization schedule. NorthMarq arranged financing for the borrower through its correspondent relationship with a life insurance company. The buildings were acquired by K2H Palm Valley LLC, a company formed by Kootenay Holdings Ltd. in Vancouver, B.C., Canada.

Stults tells GlobeSt.com, “We've been very busy on all front with Freddie Mac, Fannie May, multifamily and also loan companies. This general submarket has a high vacancy rate—give or take 25%. But the micro market, if you zero in on the class of the property, it's more like 5%. It's a high visibility location and that's part of what made it so attractive. There are a lot of medical office tenants with Cancer Treatment Center of America to the south and West Valley Hospital to the east. It also boasts a balanced tenant rollover schedule and was 90% leased. This exceptional asset features an ideal, diverse tenant mix. The strong characteristics of the deal are an indication of the improving office market conditions in the Phoenix metro and Goodyear in particular.”