"Muller Co. has bought assets like this in the past--steady investments that will generate good cash flow in the future," Mindy Korth, a vice president in Phoenix for Dallas-based Trammell Crow Co., tells GlobeSt.com. The two-story office building at 1221 and 1313 E. Osborn Rd. abuts the prestigious Phoenix Country Club.
The 93%-leased building is occupied by 12 local companies, some of which have been tenants for more than 15 years. "Once they move into the building, they want to stay," Korth says, adding the historically high occupancy is "a good showing for the market." She says less than 20% of the leases roll in the next 12 months.
The 18-year-old brick building, featuring underground parking levels, rents for $19.50 per sf. One of the structure's drawing cards is its proximity to Downtown, according to Korth.
According to Korth, Muller Co. obtained a loan from Wells Fargo Bank to acquire Country Club Manor. GE Commercial Finance arranged the financing.
The Muller Co. will take over as property manager, but TCC has held firm to the leasing assignment, which it's had at least eight years. The TCC leasing team consists of John Bonnell, Don Mudd, Jason Moore and Todd Noel, who also teamed with Korth and Barry Gabel to negotiate the sale for the Parsippany, NJ-based Prudential Real Estate Investors.
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