 |
| Dan Vittone |
Irvine, CA – Avison Young, the world’s fastest-growing
commercial real estate services firm, announced it has completed the sale of Corporate
Center at Southbank, a class A office building totaling 72,000 square feet
(sf) in Phoenix, AZ.
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 East University Drive 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.
 |
| Alan Pekarcik |
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
the Southeast Valley submarket of Chandler, AZ.
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.
For a complete copy of the company’s news release, please
contact:
Darcie Giacchetto
D.G. Communications, Inc.
949.278.6224
No comments:
Post a Comment