The four-story building is located at 645 E. Missouri Ave. atits intersection with 7th Street. "They needed to close the salebefore the end of the year and approached us about buying theproperty," says Ted Gibbons, president of Bellevue, WA-basedInvestment Realty Advisors Inc. who represented Missouri Falls LPin the transaction.
"The fact that we got this building under the radar screen wasquite a coup," Gibbons says. "Phoenix has evolved from asecond-tier investment market to a very desirable market for officeinvestments and demand is very strong."
Gibbons tells GlobeSt.com that Missouri Falls, built in 1988, is95% leased to credit tenants. Its lead tenant, CSK Auto Inc.,parent company of Checker Auto Parts, fills 114,691 sf in along-term lease that expires in 2014. Clear Channel Communicationsleases 26,161 sf while 21st Century Insurance occupies 8,375sf.
Continue Reading for Free
Register and gain access to:
- Breaking commercial real estate news and analysis, on-site and via our newsletters and custom alerts
- Educational webcasts, white papers, and ebooks from industry thought leaders
- Critical coverage of the property casualty insurance and financial advisory markets on our other ALM sites, PropertyCasualty360 and ThinkAdvisor
*May exclude premium content
Already have an account?
Sign In Now
© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.
