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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 Wichterman, Vice Chair. “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
