Located at 5125-5151 N. 16th St. just north of Camelback Road, Arbor Court is 91% occupied to 45 local tenants, averaging 1,370 sf per suite. The 26-year-old building has an average lease rate of $16 per sf, full-service.
"The buyer liked the proximity to Camelback Road and the Biltmore area," says Steven Gonzalez, a senior investment associate with Marcus & Millichap Real Estate Investment Brokerage Co. He tells GlobeSt.com that Arbor Court received 10 offers. "It had strong interest, primarily due to location," he explains.
The family trust, which made the highest offer, secured a new loan through local mortgage banker Churchill Mortgage, according to Gonzalez. The trust has hired the seller to continue leasing and managing the asset.
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