The first-time JV partners are planning to spend an additional $500,000 to upgrade the exterior of the 1951 N. Alma School Rd. building. "It's just a one-time deal," says Michael Myrick, vice president for Phoenix-based Grubb & Ellis/BRE Commercial LLC's, who teamed with colleague Dan Dobric to represent the buyer.
Myrick tells GlobeSt.com that the deal provided a strong value-add opportunity for the partners because it's in a good submarket. In addition, it's one of a handful of buildings in the Valley "that can accommodate a tenant looking to occupy immediately," he says. "There are already 950 cubicles in place, the wiring is there. All that's necessary is to turn the lights on and rock and roll."
Myrick, whose company won the leasing contract, says there should be no trouble finding a single tenant to fill the space, given the current interest. The quoted rate is $14 per sf, triple net.
The building was constructed as a grocery store in 1979 and converted into a call center in the late 1990s by BankFirst. CB Richard Ellis broker Thomas Adelson started marketing the property about one year ago after BankFirst's credit card division was sold to another bank. "The bank is still occupying a small portion. They have a bank branch there, but it's just a short-term deal until they close out the accounts," Myrick adds.
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