Equus Realty Advisors of La Jolla, CA, had the plaza on the market just three months when Town Lake Enterprises stepped up with an offer. Insignia/ESG managing director Bob Buckley tells GlobeSt.com that the building's location south of Bell Road near both Interstate 10 and Loop 101 plus its strong tenant base were key factors in Town Lake's decision to buy. The property was 95.5% leased at sale time.
"The sale was an investment for Town Lake Enterprises, which liked the building's long-term tenant commitment and strong occupancy history," said Buckley. "They see it as a good, long-term asset."
Along with the University of Phoenix, the 15600-15650 N.Black Canyon Highway plaza is home to Novacare, Data Systems, the Pediatric Group and First American Title, among other tenants, several of whom have long-term leases that extend up to seven years.
Built in the 1980s, the two-story structure is strategically located in the Valley's growing northwest corridor, which has emerged in recent years as one of the hottest development areas in Greater Phoenix. Buckley said Equus, which owned the property for more than three years, put it up for sale as part of a plan to readjust the portfolio.
Along with Buckley, the seller was represented by a team of Insignia/ESG brokers that include Steve Lindley, Tracy Cartledge, Greg Mayer, Ashley Brooks, James Bayless, Charles Miscio, Todd Noel and Keith Lambeth. Steve Schnitzer at Coldwell Banker Commercial of Phoenix negotiated for the buyer.
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