Avison Young completes sale of 72,000-sf office building in Phoenix, AZ
Irvine, CA – July 23, 2014 – (RealEstateRama) — Avison Young, the world’s fastest-growing commercial real estate services firm, announced today that it has completed the sale of Corporate Center at Southbank, a class A office building totaling 72,000 square feet (sf) in Phoenix, AZ.
Avison Young Principals Dan Vittone and Alan Pekarcik, based in the company’s Irvine, CA office, represented the buyer, HB University Drive, LLC – a partnership of New York-based HighBrook Investment Management, LP and San Diego-based Cypress Office Properties, LLC. The seller, SBCC, LLC was represented by CBRE. The building was acquired on an off-market basis.
Built in 1989, the three-story building is located at 3410 East University Drive and features a two-story lobby with stone flooring and high-end finishes, landscaped entry and balcony suites. Situated across the street from five hotels, the property is immediately off Interstate 10 at University Drive, and is 1.5 miles from Sky Harbor International Airport and approximately four miles from downtown Phoenix and Tempe. The property is leased to three tenants occupying approximately 22% of the rentable area.
HighBrook and Cypress plan to perform several cosmetic upgrades to the interior and exterior of the building. This strategy is expected to strengthen the building’s position within the submarket and improve tenant retention and new leasing efforts.
HighBrook and Cypress also recently purchased the Foothills Gateway Corporate Center, a 68,000-sf class A multi-tenant office building in the Southeast Valley submarket of Chandler, AZ. The property was 45% leased at close of escrow. The partnership has completed a comprehensive renovation of the building as well as the construction of multiple new lease-ready speculative office suites. Numerous new leases have already been secured.
About Avison Young
Avison Young is the world’s fastest-growing commercial real estate services firm. Headquartered in Toronto, Canada, Avison Young is a collaborative, global firm owned and operated by its principals. Founded in 1978, the company comprises 1,500 real estate professionals in 58 offices, providing value-added, client-centric investment sales, leasing, advisory, management, financing and mortgage placement services to owners and occupiers of office, retail, industrial and multi-family properties.
About Cypress Office Properties, LLC
Cypress Office Properties, LLC is a San Diego-based real estate investment firm specializing in the acquisition, asset management and repositioning of office, R&D and flex properties throughout San Diego, Orange County and Phoenix. Founded in 2009, Cypress focuses on enhancing performance and value through proven management, leasing and capital improvement strategies. www.cypressoffice.com.
About HighBrook Investment Management, LP
HighBrook Investment Management, LP (“HighBrook”) is a New York-based real estate private equity firm that was founded in 2010 as a unique entity bringing to bear the best practices from both the private equity and hedge fund industries. As a value-oriented investor, HighBrook acquires and actively manages previously underperforming income-producing property investments on a national basis. The firm specializes in recapitalizing properties that are encumbered by complicated financial structures, in transactions that typically require speed, flexibility and substantial capital infusions. As an entrepreneurial and well-capitalized organization, HighBrook is uniquely positioned in the marketplace.
For further information/comment/photos:
• Darcie Giacchetto, D.G. Communications Inc.: 949.278.6224
Avison Young was a winner of Canada’s Best Managed Companies program in 2011 and 2012 and requalified in 2013 to maintain its status as a Best Managed company.
Follow Avison Young on Twitter:
For industry news, press releases and market reports: www.twitter.com/avisonyoung
For Avison Young listings and deals: www.twitter.com/AYListingsDeals
Follow Avison Young Bloggers: http://blog.avisonyoung.com
Follow Avison Young on LinkedIn: http://www.linkedin.com/company/avison-young-commercial-real-estate
