The buyer acquired the fully leased building at 8478 W. Thunderbird Ave. from Issaquah, WA-based Southern Devco. It's the second office building that Kachina's picked up from Southern Devco, according to Steve Bodeman, an EVP and partner in the Phoenix office of GVA DAUM. "Kachina is real high on the northwest Valley," the buyer's broker tells GlobeSt.com. "They usually look for assets within the $3 to $5 million range and prefer one good credit tenant."
Steve Fernandez, an SVP in the Phoenix office of CB Richard Ellis Inc., represented the seller of the Thunderbird Avenue building, which was completed in late 2004. The three-tenant building has Windermere West Valley Real Estate as its lead. The rest of the space is filled by Title Security Co. and Southern Devco's regional office for the Phoenix metro. According to Bodeman, the trio of the tenants are tied to five-year leases with $24 per sf triple net rates that bump to $26 per sf triple net in the fourth year. Kachina Investments tapped its line of credit with Wells Fargo Bank to acquire the office building.
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