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| Dennis Desmond |
PHOENIX, AZ– Strong
recovery in the Superstition Corridor contributed to this week’s $4.9 million
sale of Inverness Commons II, a value-add office asset represented by the
Phoenix office of JLL.
The 60,960-square-foot
building sits within one mile of the U.S. 60 Superstition Freeway and in the
heart of the Superstition Corridor, a submarket that over the past 12 months
has experienced a significant improvement in vacancy rates as new office and
medical users flock to the area.
JLL Senior Managing
Director Dennis Desmond represented
the property seller, Omninet, in the transaction. The property buyer was G2
Capital. JLL Managing Directors Dave Seeger, Karsten Peterson and Mark Gustin serve as the property’s leasing
team and partnered with Desmond on the sale.
“The Superstition Corridor
is an exceptional market for value-add investors,” said Desmond. “G2 Capital
recognized this early on, and has plans to capture that potential with
strategic capital improvements. For a project that sits in the shadow of
neighbors like Banner MD Anderson and A.T. Still University, the upside
opportunity is significant.”
According to JLL, the
Superstition Corridor office submarket already this year has achieved 167,833
square feet of total net absorption, with an additional 170,000+ square feet of
tenants expected to move in by year’s end. This has helped drive direct vacancy
down from 27.9 percent in Q1 2015 to 22.4 percent in Q1 2016. It has also
helped pushed average rents back above $23 per-square-foot, a rate nearing the
$26.15 per-square-foot high water mark achieved in 2007.
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| Karsten Peterson |
“With a 44.4 percent
occupancy rate, Inverness is in a prime position to fill its vacant space and
maximize the benefits of an improving market,” said Desmond. “The 12
neighboring office buildings are currently 82 percent occupied. Surrounding
medical office space is operating at more than 87 percent occupied.”
Inverness Commons II is
located at 5416 E. Baseline Rd. in Mesa, Arizona, between Baseline Road and the
U.S. 60, just east of Higley Road.
The 2001-built, two-story office building
sits on 5 acres, within walking distance to retail and restaurant amenities,
and in a medical hub of the Southeast Valley that includes Banner Gateway
Hospital, Banner MD Anderson Cancer Center, Phoenix Children’s Hospital and the
Arizona Health & Technology Park (home to A.T. Still University of Health
Sciences).
For a complete copy of the company’s news release,
please contact:
Stacey Hershauer
focusAZ
Marketing & Public
Relations
(480) 600-0195
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