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| 3925 – 3945 E. Broadway Road, Phoenix, AZ |
PHOENIX, November 1, 2018 –
Spurred by strong confidence in the Phoenix office market, the Phoenix office
of JLL, on behalf of property buyer G2 Capital, has completed the $10.9 million
acquisition of 3925 – 3945 E. Broadway Road in Phoenix. The acquisition
completed only 30 days after Glasir Capital Partners purchased the property
from RBR Capital.
Totaling 136,000 square feet, 3925
– 3945 E. Broadway consists of two, two-story office buildings at the
intersection of 40th Street and Broadway Road, just west of
Cotton Center. The 3945 building is fully leased to a long-term credit tenant
that has been in place since 2001. The 3925 building is 50 percent leased to
the State of Arizona, which has been a tenant since 2016.
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| Brian Ackerman |
“G2 Capital is an active,
boots-on-the-ground investor in Phoenix. They see the value of this location
and the opportunity to capitalize on the remaining vacancy at the building,”
said JLL Senior Vice President Brian Ackerman, who represented G2 Capital in
the property purchase.
“That includes fully renovating the second floor of the
3925 building into an open office concept.”
“We plan to renovate a
37,000-square-foot speculative suite to be move-in-ready by January,” said G2
Capital Managing Director James Greaves. “When complete, it will provide a rare
block of modern, contiguous office space in the center of metro Phoenix, at a
time of historically high tenant demand.”
G2 has awarded the property
leasing assignment to JLL Managing Directors Karsten Peterson, Dave Seeger and
Mark Gustin.
The Broadway Road property is one
block from I-10, providing easy access to the Loop 101, Loop 202 and State
Route 51. It is also five minutes from Sky Harbor International Airport,
Arizona State University and downtown Tempe.
The buildings offer a high 7/1,000
parking ratio and sit directly across the street from the Cotton Center
master-planned business park, which has attracted some of the largest tenants
in the country.
CONTACT:
Contact: Stacey Hershauer
Phone: +1 480 600 0195
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