Located at 4700 S. Mill Ave., the 11,465-sf, class B office building traded at a 5.6% cap rate, according to Steve Gonzalez, a senior investment associate in Phoenix for Marcus & Millichap Real Estate Investment Brokerage Co. He tells GlobeSt.com that Desert West Plaza received three offers during a two-week stint on the market, beating other the competitors with the highest bid for recently upgraded building with freeway access.
Built in 1985, Desert West Plaza is 76% occupied to Washington Calibration and several local service firms. "The building has maintained a high occupancy level over the past 10 years," says Gonzalez, who teamed with Marcus & Millichap's Chris Keenan to close the deal. Rent averages $18.87 per sf full service.
The buyer obtained a $1.1-million loan from Camelback Community Bank to acquire Desert West Plaza. The five-year loan has a 6.35% fixed-rate interest and a 25-year amortization, according to Gonzalez.
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