According to David Tindall, NBS' vice president of acquisitions, the class B tower's location at 3030 N. Central Ave. between the Camelback Corridor and CBD was its chief selling point. In addition, the 67%-occupied building fits the fund's requirement for value-add properties. "We're looking for opportunities to create some yields through repositioning, re-tenanting and rehab," Tindall tells GlobeSt.com.
NBS is planning a $1-million upgrade of common areas, lobbies and elevators. "It's cosmetic, by and large, but it's to make the building more attractive to tenants," Tindall says, citing the work will help to boost occupancy. He adds that NBS, which typically holds assets for three to five years, plans to hold the 1975-constructed building for the long term.
Tindall says the fund has about $50 million in equity and more than $200 million in buying power. "We're pushing more actively into California and Arizona," he adds. "We're looking forward to hopefully doing more deals in Phoenix. We're also looking at the entire state."
Chris Toci, Brian Ackerman and Ted Harrison from Cushman & Wakefield of Arizona Inc.'s Phoenix office represented the Scottsdale, AZ-based Shea. The new owner has retained C&W to lease the building.
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