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87K-SF Phoenix Office Building Trades in Phoenix
Cushman & Wakefield represented First & Center LLC in the sale of Fairmount Place, located at 4001 N. 3rd St. in Phoenix. Albuquerque SNF (Skilled Nursing Facility) acquired the property for $11.5 million.
Eric Wichterman and Chris Toci of Cushman & Wakefield represented the seller.
“Fairmount Place is highly unique in that nearly all of the ±87,030-square-foot building’s 31 office suites have recently been built out as spec suites,” said Cushman & Wakefield’s Wichterman, “Following its 2019 acquisition, the seller committed to delivering spec suites in batches rather than one-off, and the building’s performance since dispels any doubt about the merits of that approach. Offering prospective tenants a ready-made array of sizes and configurations drives a higher hit rate, rapid lease-up, and highly sustainable occupancy.”
The four-story, multi-tenant garden office building is currently 92% leased and has maintained occupancy levels between 90% and 100% over the past several years.
- ◦Sale/Acquisition
