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| The Madison Office Campus, Camelback Corridor, Phoenix, AZ |
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| Amr Ceran |
The sale marks a $165 million, 24-month transaction and renovation push within metro Phoenix by the Denver-based real estate investment, management and operating company.
Kevin Shannon, CJ Osbrink, Paul Jones, Ken White, Brunson Howard
and Rick Stumm of NKF Capital Markets represented EverWest and CenterSquare in
the transaction.
Located at 5343 and 5353 N. 16th St., The Madison
totals 177,312 square feet of Class A office space in two four-story buildings
– both offering views of the surrounding skyline, Camelback Mountain and
Piestewa Peak, and quick access to area amenities, including some of the
Valley’s most sought-after shopping and dining destinations.
Since purchasing The Madison, EverWest has completed an extensive
repositioning program including renovations to lobbies, restrooms, conference
facilities, monument signage and landscaping, and the addition of an on-site
deli offering quick-serve lunch and dinner items.
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| Kevin Shannon |
“EverWest has executed on its business plan,” said EverWest Senior
Director Amr Ceran, who manages the company’s Arizona and Southern
California real estate portfolio, including investment, redevelopment and
lease-up.
“Our focus is on acquiring and renovating assets through extensive improvements and lease-up, with results that achieve – and often exceed – market rates.”
“Our focus is on acquiring and renovating assets through extensive improvements and lease-up, with results that achieve – and often exceed – market rates.”
EverWest’s Phoenix activity over the past 24 months has included
the sale of Great American Tower – a landmark downtown Phoenix high-rise office
building that the company improved prior to sale, and the sale of 10 Chandler,
a 553,000-square-foot flex/industrial building located in the Chandler Tech Corridor,
fronting Interstate 10.
In 2016. the company renovated The Circuit from a former
semiconductor building into 185,000 square feet of creative office space.
The same year it purchased and began efforts to transform The Quad from outmoded executive suites into a 14-building, 166,606-square-fo
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| CJ Osbrink |
The same year it purchased and began efforts to transform The Quad from outmoded executive suites into a 14-building, 166,606-square-fo
In late 2017, EverWest completed the
purchase of – and is currently renovating – Seville Professional Center, a
two-story building totaling 92,581 square feet on North Scottsdale Road.
At The Madison, renovations and a successful lease-up plan has
achieved 90 percent occupancy.
For more information, please contact:
Stacey
Hershauer/FocusAZ
stacey@focusaz.com
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